On Sunday, the Walt Disney Company announced that its previous CEO Bob Iger has been brought back, as Disney struggles to turn a profit from its streaming services.
In June, the board agreed to extend current CEO Bob Chapek’s contract by three years, after he had led the company through the COVID pandemic.
However this month, Disney reported disappointing earnings as its streaming service Disney+ was growing rapidly, but still not profitable.
In the third quarter, the combined operating loss from Disney+, ESPN+ and Hulu has more than doubled year-on-year to $1.47 billion.
Iger who was the CEO of Disney between 2005 and 2020, has been brought back to replace Chapek.
Under Iger’s leadership the company acquired Pixar, Marvel, Lukasfilm and 20th Century Fox, and launched the Disney+ and ESPN+ streaming services.