Disney Stock Spikes 9% After Bob Iger’s Sudden Return as CEO
thewrap.comWall Street has already embraced the news that Bob Iger has returned as Disney’s CEO, replacing Bob Chapek’s short and tumultuous reign: Shares in the entertainment giant climbed nearly 9% in premarket trading on Monday, to $99.85.
Chapek, the former Disney parks chief who himself replaced Iger as CEO less than two years ago, has struggled during his brief tenure amid COVID pressures, economic issues as well self-inflicted management wounds — and Disney’s shaky revenue picture has driven its stock price down 41% since the start of the year.
The company announced a $1.47 billion loss from its streaming business in the most recent quarter, double the amount from a year earlier, and Chapek admitted that its streaming operation would not hit a September 2024 profitability target if there was a recession or other economic downturn.
Iger, a famously well-liked CEO, will return for two more years to the company that he previously led for 15 years, from 2005 to 2020.
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