Disney, in a shocking late Sunday announcement, said it had reappointed Iger as chief executive, effective immediately, after Iger’s hand-picked successor as CEO, Bob Chapek, came under fire for his management of the entertainment giant. CNBC reports: “It is with an incredible sense of gratitude and humility — and, I must admit, a bit of amazement — that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer,” Iger wrote to employees in an email, which was obtained by CNBC. Shares of Disney, a Dow component, closed up more than 6% on Monday.

The dramatic upheaval comes 11 months after Iger left Disney, and days after Chapek said he planned to cut costs at the company, which had been burdened by swelling costs at its streaming service, Disney+. Earlier this month, the company’s earnings vastly underperformed Wall Street’s expectations. Even its theme park business, which reported a surge in revenue, delivered less than what analysts had projected. Iger will help the company’s board develop a new successor, Disney said in a release.

Shares of Disney have fallen about 37% so far this year. The stock hit a 52-week low Nov. 9. Iger has signed on to work as CEO for two years, Disney said Sunday, “with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.” “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Disney’s board chair. She will remain in that role.

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