SUSAN ARNOLD

CEO succession was a bust, but the company’s board isn’t as bad as the activist investor would have everyone believe.

Activist investor Nelson Peltz is fighting for a seat on the board of Walt Disney Co., claiming that the theme park and media company is struggling with self-inflicted problems.

The Walt Disney Company announced late Sunday that former CEO Bob Iger would return to head the company for two years in a move that surprised the entertainment industry.

Disney said Bob Chapek, who succeeded Iger in 2020, had stepped down from the position.

Bob Iger, the enterprising entertainment executive who brought Star Wars, Pixar and Marvel under the Disney marquee and challenged the streaming dominance of Netflix, will replace his handpicked successor, CEO Bob Chapek, whose two-year tenure has been marked by clashes, missteps and a weakening financial performance.

Bob Iger is back as CEO of Disney. Bob Chapek, who replaced Iger in 2020, is out after a brutal earnings report that sowed further doubt about his leadership.

Susan Arnold is taking over as Chairman of the Board, the company announced Wednesday.