In a time when nostalgic comebacks are big business, The Walt Disney Company has pulled its own Top Gun: Maverick moment with the unexpected announcement that Bob Iger will be returning to the company as CEO. Bob Chapek will leave his post with immediate effect. Iger originally ended his 15-year stint as CEO in early 2020 but after just two years in retirement, he is now back to replace the beleaguered Chapek in the top job at the House of Mouse.

In a shocking turn of events, Chapek’s tenure in charge of the Disney ship was abruptly ended despite his contract having only been renewed in June, which should have seen him remain in the role until at least February 2023. At the time, the board at Disney seemed happy that Chapek was the right man to lead the company forward, but the last few months seem to have told a different story entirely. With the fallout from Chapek’s handling of the Florida “Don’t Say Gay” bill, streaming losses and unrest over Disney park pricing all causing problems for Chapek, the below expectations fiscal fourth-quarter financial results early this month seemed to be the final nail in the coffin.

In a memo to staff, Iger announced his return and appeared to be as surprised as anyone to be resuming his CEO role at Disney. The opening of Iger’s statement said:

“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.”

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There is no way to deny that Bob Chapek’s tenure as Disney CEO has been rocky. Having to steer the company through the Covid pandemic, with constant delays in movie production, park shutdowns, and the Don’t Say Gay bill to negotiate his way around. However, his handling of these has perhaps not been as smooth as it could have been, leading many to start questioning his suitability for his role early last year. However, his contract extension earlier this year suggested that Disney was planning to stick with him.

However, Bob Iger had a long shadow, and it seems it was cast a bit too long for Chapek to break away from. During his time as the head of Disney, a role he took over from Michael Eisner, Iger was the mastermind behind Disney’s mega-purchases of Pixar, Marvel Studios and Lucasfilm, and his parting gift appeared to be the majority purchase of 20th Century Fox in 2019. He also stepped back in to steady the ship as the Covid pandemic hit before seemingly walking away for good. Now it seems that there is more magic to come from Iger, and he clearly couldn't be happier to be back at the helm. His statement closed out by saying:

“I know this company has asked so much of you during the past three years, and these times certainly remain quite challenging, but as you have heard me say before, I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty—perhaps especially in the face of uncertainty—our employees and Cast Members achieve the impossible.

You will be hearing more from me and your leaders tomorrow and in the weeks ahead. In the meantime, allow me to express my deep gratitude for all that you do. Disney holds a special place in the hearts of people around the globe thanks to you, and your dedication to this company and its mission to bring joy to people through great storytelling is an inspiration to me every single day.”