Former Disney CEO Bob Iger, who ran the entertainment giant for 15 years, is returning to lead the company.
He replaces Bob Chapek, who took over as CEO in February 2020.
Disney stock is down more than 40% this year, and the company has poured billions of dollars into its loss-making streaming service, Disney+.
Mr. Iger’s decision to step down in 2020 came as a surprise as he had spearheaded several major acquisitions and launched Disney’s streaming network.
Susan Arnold, who chairs the company’s board of directors, said in a statement that Mr. Iger was “in a unique position” to lead Disney through “an increasingly complex period of industry transformation.”
“Mr. Iger has the deep respect of Disney’s senior leadership team, with whom most of them worked closely until his departure as Executive Chairman 11 months ago,” added Ms. Arnold.
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He has agreed to hold the post for two years during which time he will find a successor to lead the company.
“I am extremely optimistic about the future of this great company and I am delighted to be asked by the board to return as CEO,” said Mr. Iger.
During his decade and a half as chief executive, Disney bought animation studio Pixar, comic book company Marvel, home of Star Wars LucasFilm and Rupert Murdoch’s 21st Century Fox. Those deals, along with the launch of the Disney+ streaming platform and the opening of amusement parks, helped the company’s market value quintuple during his tenure.
In September it was announced that Mr Iger was one of the last Knights of Honor to be decorated by the late Queen Elizabeth II for his contribution to Britain-US relations.
Effective immediately, Mr. Iger replaces Mr. Chapek, who served as Disney’s Chief Executive for less than three years.
“We thank Bob Chapek for his service to Disney throughout his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Ms. Arnold.
Earlier this month, the company announced that Disney+ had lost nearly $1.5bn (£1.3bn) in the three months to the end of September.
However, the service has added more than 12 million subscribers over time.
Disney now has more than 235 million subscriptions across its three streaming platforms, which also include sports-focused ESPN+ and broader entertainment site Hulu.
Netflix, by comparison, has about 223 million subscribers.
Mr. Chapek has also been under pressure for his response to Florida’s controversial “Don’t Say Gay” law.
In March, he apologized for his “painful silence” on the Sex Education Act, which critics said would isolate LGBT youth.
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