- Disney shares increased more than 6% to settle at $97.57 after the company announced that Bob Iger will return as CEO and take over from Bob Chapek.
- The performance of the corporation has come under criticism and scrutiny since Chapek succeeded Iger as CEO in 2020 with shares of the corporation decreasing 37% so far this year. In order to address concerns, Chapek said Disney will try to cut costs through hiring freezes and layoffs. The Dow gained 25%, the S&P 500 gained 27%, and Disney's shares dropped 28%. Disney, Intel, and Salesforce are the three companies with the worst Dow performances this year.
Why it matters
The company renewed Chapek's contract earlier this year as he pushed his plan for reorganizing Disney while Iger, who served as Disney's CEO for 15 years, previously stated that he would not return to the position.
