Disney investors rallied behind Bob Iger’s reinstallation as the chief executive of the Magic Kingdom, with the company’s shares climbing nearly 9% in premarket trading Monday. On Sunda…
, closing at $86.75/share. That was the lowest closing price for Disney shares since March 20, 2020, amid the dramatic market sell-off at the outset of the COVID pandemic. As of Friday, the stock had fallen 41% year to date.
In bringing Iger back as CEO, the Disney board said it had given the exec 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.” “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.
As Disney’s CEO for 15 years, Iger led the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox and increased the company’s market capitalization fivefold. Iger had headed Disney’s creative endeavors until his departure as executive chairman in December 2021, and “the company’s robust pipeline of content is a testament to his leadership and vision,” the board said.
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