The Walt Disney Company has announced that former CEO Robert A. Iger aka Bob Iger will be replacing Bob Chapek as the CEO of the company, The Walt Disney Company said in a statement on Sunday.

Iger, who retired last year, after serving Disney for more than four decades, including 15 years as its CEO, has agreed to take on the mantle of CEO for two years.

Iger will work closely with the board of directors of Walt Disney in finding a successor to lead the company at the completion of his term, the company said.

"We thank Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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," Board Chairperson Susan Arnold said in the 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," she added.

During his 15 years as CEO, Iger helped Disney make several acquisitions —21st Century Fox, Marvel Entertainment and Pixar Animation Studios— that boosted the brand’s global standing in the media and entertainment industry.

Bob Chapek had taken over as the CEO of Disney in February 2020, when the COVID-19 pandemic hit the world. Last year, he courted controversy by getting into a public spat with Scarlett Johansson over his decision to simultaneously release Black Widow in cinemas and digitally. Disney was also dragged into a lawsuit over compensation for the movie.