Bob Iger has returned as Walt Disney Company’s CEO, replacing Bob Chapek, Disney announced on Sunday night. 

Iger had been Disney’s CEO for 15 years when Chapek succeeded him in 2020. 

Disney said Iger has agreed to serve as Disney’s CEO for two years, with a mandate from the board to develop a successor to lead the company at the completion of his term. 

In a statement, Disney board chair Susan Arnold said, “Iger has the deep respect of Disney’s senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide — all of which will allow for a seamless transition of leadership.”

Arnold also thanked Chapek “for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic.” 

Chapek was promoted to CEO in 2020 from his previous role as chairman of Disney’s parks, experiences and products division. In June, Disney gave Chapek a three-year extension. His CEO contract had been set to expire in February 2023.

In replacing Chapek, Arnold said, “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.”

Chapek had a 29-year career at Disney, starting in 1993 as marketing director of Walt Disney Studios Home Entertainment. He was appointed president of Disney Consumer Products in 2011 and chairman of the parks division in 2015.

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