Bob Iger is back as Disney's CEO.

Developing story...

A quick update on a weekend development…

Late Sunday, Disney ousted Bob Chapek as CEO and named former leader Bob Iger as his replacement.

Recall Iger stepped down as CEO in early 2020.

At the time, some were surprised by the announcement.

But Chapek was Iger’s handpicked successor.

Tensions, however, would soon emerge.

Shortly after Chapek took over, the world was dealing with Covid.

Chapek and Iger initially seemed ready to support each other.

But that quickly turned into a power struggle.

Who’s in charge? The longtime leader or the person who is actually CEO?

Disney’s directors supported the CEO and gave him a board seat. 

By the time Iger stepped down from his role as board Chair in 2021, Chapek was in full control.

But the Chapek era has been choppy.

There were high profile battles…Ron DeSantis.  Scarlett Johansson.

And, most recently…a big thumbs down on Wall Street.

Disney’s quarterly results fell short of estimates and its stock suffered its worst day in more than 20 years.

Yes, Disney+ continues to grow, but investors want a bigger focus on profits with a recession looming.

How do you get them excited?

Bob Iger’s track record might do the trick.

During his 15 years as CEO, Disney’s market value grew by $200 billion.

Aside from high profile launches — from Disney+ to the opening of Shanghai Disneyland — Iger’s dealmaking includes the acquisitions of Pixar, Marvel, Lucasfilm and a massive part of the Fox empire.

Iger’s relationship with employees will also be key, as the company was preparing to announce job cuts.

There were reports Disney’s board chair, Susan Arnold, reached out to Iger in the past week to see if he would come back.

In an email to Disney employees, Iger said it’s “with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement — that I write to you this evening with the news that I am returning.”

Of note, Iger joins Steve Jobs (who was a close friend) on the list of return CEOs.

He has signed up for two years in the job — which, clearly, will include a re-think on who will be the best person to succeed Iger.  More to come!