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Disney brings back Bob Iger as CEO in bid to boost growth
Financial Express Mumbai
|November 22, 2022
Outgoing chief executive Chapek's tenure hit by challenges
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BOB IGER IS returning to Walt Disney as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company's attempt to boost investor confidence and profits at its streaming media unit.
Iger, 71, who was chief executive for 15 years and retired as chairman last year, has agreed to serve as CEO for two more years effective immediately, Disney said in a statement late on Sunday. He will replace Bob Chapek, who took over as Disney CEO in February 2020, just as the COVID-19 pandemic hit, leading to park closures and restrictions on visitors globally.
Disney shares were up 8.2% at $99.30 in premarket US trading, while the Frankfurt-listed stock jumped as much as 9.6% in European hours on Monday and was set for its best day in almost two years.
"Maybe the old hand on the tiller is what's required," said Markets.com analyst Neil Wilson as the company spends billions of dollars to compete with rival Netflix and seeks to revive its share price.
This story is from the November 22, 2022 edition of Financial Express Mumbai.
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