CNBC reports that the deal to bring Bob Iger back to lead the Walt Disney Company was completed in just days.
According to CNBC's David Faber, the Disney board reached out to Iger on Friday. The company then made his appointment official as the new CEO replacing Bob Chapek late on Sunday evening.
The report also suggests that Disney did identify some internal candidates to replace Chapek, but given the difficult position that the company currently finds itself in, candidates beyond Iger were not seriously considered.
The news of Iger's return has boosted the company's shares this morning, trading around 9% higher on Monday.
The removal of Bob Chapek comes on the heels of disappointing fourth-quarter earnings and a warning about future revenues, including Chapek saying that job cuts and hiring freezes would begin soon.
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