Bob Iger returns as Disney CEO. DIS up almost 10% premarket

-Bob Iger is back as CEO of Disney.
-Bob Chapek was named CEO in February 2020 and came under fire for various decisions.
-Shares of Dow 30 component Disney jumped in premarket trade Monday.
Disney, in a shocking late Sunday announcement, said it had reappointed Bob 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.
“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, were up about 8% in premarket trade 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’s return also comes as legacy media companies contend with a rapidly shifting landscape, as ad dollars dry up and consumers increasingly cut off their cable subscriptions in favor of streaming.