Disney Shares Jump on Optimism Over Iger’s Surprise Return
- His handpicked successor departs after tumultuous reign
- Stock fell, morale plummeted under former parks chief
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Walt Disney Co. shares rose the most in almost two years after the entertainment company brought back former leader Bob Iger to replace his successor Bob Chapek as chief executive officer, a surprise capitulation by the board after a string of disappointing results.
Iger, 71, who spent more than four decades at Disney, including 15 years as its CEO, has agreed to serve for two years and will help find a permanent replacement, according to a company statement. Chapek, 62, is leaving effective immediately.