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Found in 7 Articles
And while Disney gains subscriptions at a rapid clip — some 235 million across Disney+, ESPN and Hulu — the company's streaming losses have continued to grow, to nearly $1.5 billion in its most recent quarter, making it that much more challenging to hit its profitability target.

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Chapek had just signed a new multi-year contract in June, after speculation following the ouster of TV chief Peter Rice earlier that month prompted the board to issue a notable public statement backing the CEO after the move.

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Chapek guided the company through the pandemic, one of its most tumultuous periods in its nearly 100-year history, but ultimately Disney decided that its future was in better hands with Iger.

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Iger grew Disney to new heights by acquiring Pixar for $7.4 billion in 2006, Marvel for $4 billion in 2009 and Lucasfilm for $4 billion in 2012, creating a powerhouse that in 2019 saw the company pass $10 billion in global box office sales.

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The Marvel movie had gone out through the Premier Access window (a Chapek innovation during the pandemic that hasn't been used in more than a year), meaning it was available for a premium on Disney+ at the same time it hit theaters.

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At 71 years old, though, he is certainly not at what is considered automatic retirement age in a business sector where many CEOs are active into their 80s and beyond.

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Chapek previously served as head of Parks, Experiences, and Products and as Chairman of Walt Disney Parks and Resorts before being promoted to CEO in February 2020

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Iger, who officially left the company last year, is set to take the command immediately.

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Iger was CEO of The Walt Disney Company from 2005 to 2020 before stating that he was stepping down in a surprise announcement.

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Iger told employees in his note that he will address the company on Monday, with other senior leaders.

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Given the considerable turbulence experienced by Disney since Iger left the corner office, and also given his well-earned reputation for being as smooth and diplomatic a leader as Chapek could be an awkward and untested one, Iger was repeatedly asked if he would consider an encore.

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Disney's theme park business has recovered strongly since the coronavirus pandemic shut down its venues across the world, but the division continues to subsidize widening losses in the streaming video business.

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"We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," said Chairman of the Board Susan Arnold in a statement.

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"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," said Susan Arnold, chairman of Disney's board, in a statement.

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"It is with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement — that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer," Iger wrote to employees in an email, which was obtained by CNBC.

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"Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration."

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"I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling."

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"Mr. 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 said.

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Disney said Sunday that Iger has agreed to serve as CEO for two years with "a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term."

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"I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO," Iger said in a statement Sunday.