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    Disney boots CEO, brings back Bob Iger to lead company

    NEW YORK (AFP) – Disney ousted chief executive Bob Chapek on Sunday and announced that it had brought back former CEO Bob Iger to once again take the reins.

    The change, a dramatic turn of events for one of the largest media conglomerates in the world, was effective immediately, Disney said in a statement.

    “We thank Bob Chapek for his service to Disney over his long career,” chair of Disney’s board Susan Arnold said. The board of directors decided that as the company “embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated
    to lead”.

    Chapek spent two years as CEO, a period that saw Wall Street concerned about rising expenses at the company. Disney’s stock has fallen 41 per cent this year.

    Iger, who previously served as Disney’s CEO for 15 years, increasing the company’s market capitalisation five-fold during that period, has pledged to return as CEO for at least two years, the statement said. “I am deeply honoured to be asked to again lead this remarkable team… through unrivaled, bold storytelling,” Iger said.

    Under Iger’s leadership, Disney acquired Pixar, Marvel, Lucasfilm and 21st Century Fox. It also opened its first theme park in China – the Shanghai Disney Resort – and launched the Disney+ and ESPN+ streaming services.

    During Iger’s tenure, Disney produced a number of record-setting films including Marvel’s Avengers: Endgame, the highest-grossing film of all time. The company also produced Frozen and Frozen 2 and Marvel’s Black Panther.

    Bob Iger, who previously served as Disney’s CEO for 15 years, will once again take up the position. PHOTO: AFP
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