By Trend

Bob Iger is returning to Walt Disney Co (DIS.N) as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company's attempt to boost investor confidence and profits at its streaming media uni, Trend reports citing Reuters.

Iger, 71, who was chief executive for 15 years and retired as chairman last year, has agreed to serve as CEO for two more years effective immediately, Disney said in a statement late on Sunday. He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic led to park closures and visitor restrictions.

"Maybe the old hand on the tiller is what's required," said Markets.com analyst Neil Wilson. Disney has been spending billions of dollars to compete with rival Netflix Inc. and is seeking to revive its share price.

The stock had sunk more than 40% so far this year, lagging the nearly 7% year-to-date drop in the broader Dow Jones Industrial Average (.DJI). It lost almost a third of its value while Chapek was at the helm.

"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," Chairwoman Susan Arnold said in the statement.