In what is being called a “shocking turn of events” Bob Chapek has resigned as CEO of The Walt Disney Company and Bob Iger, the company’s former CEO will step back into the role.

The company’s Board of Director’s confirmed the news on Sunday evening with Chariman Susan Arnold stating, “We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. 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.”

The move comes after Disney’s most recent earnings report missed Wall Street expectations in numerous areas. The company’s stock is off over 40% this year, hitting a 52-week low on 9 November. Faced with mounting costs related to their streaming service, Disney+, the entertainment giant is facing cash flow issues and may need to cut its dividend to shareholders.