The board of directors of the Walt Disney Co. has announced Sunday it is bringing back former CEO Bob Iger.

Iger had retired from the company a year ago following a 15 year long stretch as the Chief Executive. He has agreed to return and serve as CEO for two more years, according to the statement. He will replace current COE Bob Chapek, who had assumed the role in February of 2020.

Although Chapek successfully navigated the company through the Covid-19 pandemic, he had been under fire after Disney’s last quarterly report had disappointed investors.

The report showed Disney+ had been building its subscriber base, but losing money. Theme parks revenue soared, but profits had failed to keep up. Overall the report showed a huge miss on earnings and revenue for the quarter, well below past guidance. Updated guidance for the coming year left investors disappointed, and the board looking for a change in direction.

In a statement, Susan Arnold, the chair of Disney’s board said, “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.”