There's been a major shakeup at Disney, as CEO Bob Chapek has now been replaced with his predecessor, Bob Iger, as the top brass at the company. News of Iger's ascension to CEO came as a huge shock; apparently, even some higher-level executives were not told the change was coming.

Iger stepped down as CEO of Disney in February 2020, and Chapek assumed the role in his wake. Chapek was a controversial figure among Disney employees, particularly for his stance on Florida's 'Don't Say Gay' Bill. He was also somewhat controversial with fans, as some of his statements led them to believe he did not care to focus on the adult sector of the Disney market. Lower-than-expected earnings may have been the reason for his ousting, however.

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The surprise move happened late Sunday when Disney's board of directors confirmed the move to transition from Chapek back to Iger. Per Variety, Disney stock immediately jumped up 8% following the move, two weeks after Disney reported its lowest closing shares in two years. “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," said Susan Arnold, chairman of Disney's board of directors, in a statement. "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.”

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This "increasingly complex period of industry transformation" could be the post-pandemic shift away from theatrical releases and towards streaming services. Iger once defended the streaming shift and stated that Disney Plus 'worked out great.' Iger put out a memo to staffers since his reinstatement, which reads in part, “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."

The shift from Iger to Chapek and back to Iger once again is a surprising development, to be certain, but it appears the immediate rise in the price of Disney stocks means that investors are a positive indicator of what's to come. Times have been lean since the pandemic began in 2020. Even Iger had to forego his salary while other executives took pay cuts. Though the pandemic continues, the financial sector appears to be adapting.

Disney has plenty of projects in its pipeline. It's currently unknown how or if this will impact the production of any future projects, like Damon Lindelof's Star Wars. For now, fans will have to take the news on Iger's return as it comes.

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Source: Walt Disney Company