Bob Iger returns as CEO of Walt Disney Company

Bob Iger is returning to The Walt Disney Company as its chief executive officer, effective immediately, the company announced Sunday night.

"We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic," Susan Arnold, chairman of the board, said in a press release. "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."

Iger has agreed to serve as CEO for two years, according to the press release. He previously served as CEO from 2005 to 2020.

Chapek has stepped down from his position, the company said.

"Mr. Iger has the deep respect of Disney's senior leadership team, most of whom he worked closely with until his departure as executive chairman 11 months ago, and he is greatly admired by Disney employees worldwide -- all of which will allow for a seamless transition of leadership," Arnold said.

Arnold will continue to serve as chairman of the board, the company said.

"I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO," Iger said in the press release. "Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe -- most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling."

The Walt Disney Company is the parent company of ABC News.