LOS ANGELES: Former Walt Disney Co Chief Executive Bob Iger is returning to the media company as CEO, the company's board said in a statement on Sunday.

Iger, who retired from Disney at the end of last year after 15 years as chief executive, has agreed to serve as CEO for two more years, the statement said. He will replace Bob Chapek, who took over as Disney CEO in February 2020.

While Chapek steered Disney through the COVID-19 pandemic, Disney disappointed investors this month with an earnings report that showed continued losses at its streaming media unit.

"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," Susan Arnold, chair of Disney's board, said in a statement. (Reporting by Lisa Richwine; Editing by Kim Coghill and Christopher Cushing)