Bob Iger is returning to Disney as CEO.

Iger, 71, who was chief executive for 15 years before retiring as chairman last year, has agreed to come back after Bob Chapek, 62, stepped down.

Chapek took over as chief executive in February 2020, just before the COVID-19 pandemic really hit.

Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night, “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” CNN reported.

“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”

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The news comes amid Disney’s plummeting share prices. Since Iger’s return was revealed, CNN claimed shares were now “9 percent higher in premarket trading.” They said that on Friday, the stock had “lost roughly 40 percent of its value this year.”

Iger, who has agreed to stay in the job for two more years, said in a statement, “I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO.

“Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe — most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.”

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He added that he is “deeply honoured to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivalled, bold storytelling.”

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