This is not a drill: in a shock heard around the Disney World, Disney announced Sunday evening that Bob Iger is returning as CEO of The Walt Disney Company. Bob Chapek will step down immediately. Here is a statement from Disney:

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, Chairman of the Board. “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.”

Stay tuned for more information.