Since then, it appears Disney executives have led an organised rebellion against Chapek, ousting him after a seemingly company-wide loss of confidence in his tumultuous leadership. Various issues had begun to form around his administration, including the companies stock falling by nearly 40%, Disney+ running at a loss, and the damning earnings release on November 8th, in which Chapek had to report that the streaming business had lost around $1.5 billion in the last quarter - which then led to job cuts.
He referred to these job cuts as “tough and uncomfortable decisions” in communications with staff. Chapek has also had to battle with public controversy throughout his leadership, including (but not limited to,) pressure over a response to Florida’s “Don't Say Gay” bill (he eventually apologised for his long silence on the matter) and a high-profile bout with Scarlett Johansson due to Disney's decision to release the film on Disney+ while it was still showing in cinemas. He also faced backlash over closing Blue Sky Animation and his now-infamous statement that adults don’t like animated movies.
Iger has agreed to return and stay at the forefront of Disney for two more years to steady the boat and choose a more suitable successor. Less than 24 hours after his return, he promised a shake-up and restructuring of the company in a way that “honours and respects creativity as the heart and soul of who we are." This is much to the delight of fans, who have been calling for change and a replacement for Chapek essentially since he took over. Since the announcement of his return, shares have risen by 6% already, with many fans and investors hoping that Iger can turn around the company and stop the embarrassing financial loss and mass redundancy of hardworking staff.