When trading began on Wall Street this morning, Monday, November 21, Disney shares soared 8% in early trading on a wave of optimism that Bob Iger’s had returned as CEO.
In pre-market trading, shares were up 8.5% over Friday’s closing, with the stock pushed the $100 mark, then as trading opened it soared past $100.
To date, stock had slumped by over 40% in 2022, in part because of poor financial results and also a lack of confidence in Bob Chapek, especially the decisions he was making plunging Disney+ into the red in order to gain subscribers.
Now that Iger is back, Wall Street analysts are weighed the company’s new prospects under Iger, who ended a 15-year run as CEO in 2020 before being summoned out of retirement by the company’s board of directors in a massive Sunday night surprise!
The 71-year-old CEO will serve two years in the top job and identify a new successor, the board said in a statement released last night.
It was only five short months ago that the board had extended Chapek’s contract through 2025, making his sacking and Iger's return all the more shocking.
![Bob Iger And Mickey Mouse](https://static.wixstatic.com/media/2c91de_6c726432013d4718927098a53aee50e8~mv2.jpg/v1/fill/w_147,h_83,al_c,q_80,usm_0.66_1.00_0.01,blur_2,enc_auto/2c91de_6c726432013d4718927098a53aee50e8~mv2.jpg)