Iger back on top in a Disney plot twist that few saw coming

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BURBANK, Calif. (AP) — Bob Iger, the enterprising entertainment executive who brought Star Wars, Pixar and Marvel under the Disney marquee and challenged the streaming dominance of Netflix, will replace his handpicked successor, CEO Bob Chapek, whose two-year tenure has been marked by clashes, missteps and a weakening financial performance.

The stunning development comes two weeks after Disney’s quarterly financial performance fell well short of Wall Street expectations on both profit and revenue, a rarity, sending shares tumbling 12%.

Shares of The Walt Disney Co. are down 40% this year. The company’s stock jumped almost 9% before the opening bell Monday, with the appointment of Iger effective immediately.

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