Bob Iger returns to Disney as CEO

Less than a year after retiring, Bob Iger returns to the media company. Returning to the company, Eiger will take his former position as CEO of Disney. He will replace Bob Chapek, who has been in the position since February 2020. Iger's appointment to this position is highly unexpected, as the company is now focused on turning its streaming services into a profitable business.

This month's earnings report disappointed investors. A report released by the company reveals losses in its streaming media unit that includes Disney+.

Susan Arnold, chairwoman of Disney, said in a statement that the Board came to the conclusion that at this moment, Bob Iger has a unique opportunity to lead the company. Iger's influence will help boost the company's growth, given that Disney is in a difficult phase of industry transformation.

Iger left Disney on a high note after the company led the entertainment industry's battle against Netflix in the streaming wars.

As Disney has been hurt by the economic downturn and high interest rates, the company prepares for significant cost cuts.