Ex-Disney boss Bob Iger is making a shock return to the firm – less than a year after he retired.
He has been brought back by the media giant to steer it through turbulent times as the share price has plummeted and Disney+ continues to make a loss.
He replaces Bob Chapek, who took over as chief executive in February 2020.
Mr Iger, who continued as chairman until 2021, headed the entertainment giant for 15 years and oversaw a number of big takeovers for the firm.
His decision to step down had come as a surprise.
As well as overseeing the launch of Disney’s streaming service, Disney+, he drove major acquisitions involving the likes of animation studio Pixar, comic book company Marvel, Rupert Murdoch’s 21st Century Fox, and Lucasfilm, the home of Star Wars.
These moves, as well as amusement park openings, helped the company’s market value increase five-fold during his time in charge.
Susan Arnold, who heads the company’s board, said in a statement that Mr Iger was “uniquely situated” to take Disney through “an increasingly complex period of industry transformation”.
But Disney shares have fallen by more than 40% this year and the company has poured billions of dollars into Disney+.