TAMPA, Fla. (WFLA) — The Walt Disney Company re-appointed Bob Iger as CEO on Sunday.

This comes just a week after then-CEO Bob Chapek sent a memo to executives saying the company was planning on implementing a hiring freeze and laying off some of its 190,000 employees. Disney also announced price hikes for theme park tickets and annual passes last week.

Iger previously served as the company’s CEO for 15 years before stepping down in 2020. In his tenure, he oversaw Disney’s acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox.

In a release obtained by CNBC, Disney said Iger will serve as CEO for two years.

Disney’s streaming services (including Hulu and ESPN+) lost $1.47 billion last quarter, more than double the loss from the previous year. Susan Arnold, Chairman of Disney’s Board, said the company is heading towards “an increasingly complex period of industry transformation”.

“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said in a statement. “I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”

Disney said Bob Chapek is stepping down as CEO effective immediately.

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