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Bob Iger returned to lead Disney as Chief Executive Officer, effective immediately. He succeeds Bob Chapek, who has stepped down from his position. Iger committed to serving as CEO for two years.

In February 2020 Chapek replaced Iger as CEO, who at the time stated that he would not return to the role. These moves come after Chapek was criticized for his management, cutting costs, layoffs and hiring freezes.

Iger, who spent more than four decades at the Company, including 15 years as its CEO, returns with a mandate: “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,” according to a statement released on Sunday the 20th. “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.”

Disney thanked Bob Chapek for his service over his long career.