The Clap
Disney (NYSE: DIS) has brought back Bob Iger to replace its current CEO Bob Chapek after the company’s poor performance in the past few months.
What
The decision comes after the most recent earnings release where Disney recorded a disappointing quarter that sent the stock tumbling.
The poor performance pushed Chapek to announce a hiring freeze as well as job cuts in order to cut costs.
So What
The news is a bit of a shock to investors as Iger had previously stated that he will not return to the role.
Iger had served for 15 years as Disney’s CEO until Chapek replaced him in 2020.
In addition, Chapek had recently renewed his contract, giving no indication that he may leave the company.
Now What
During Chapek’s time as CEO, Disney saw its stock tumble by 28%, a significantly poor record in comparison to the DJI and the S&P 500.
