Walt Disney has announced that Robert Iger will return as CEO after departing last year to make way for outgoing Bob Chapek. Earlier this year, Disney reached an agreement with activist investor Third Point Partners for a board seat and is now under pressure from Trian Fund Management for another.

In a November 20 press release, Disney said Chapek has stepped down and thanked him for “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, [Iger] is uniquely situated to lead the company through this pivotal period,” said Chairman Susan Arnold.

The shock change in leadership came after Disney reported weaker-than-expected fourth quarter financial results earlier this month, despite strong revenues and profits throughout the year in multiple divisions.

According to the Wall Street Journal, Nelson Peltz’s Trian Fund Management bought more than $800 million worth of stock after the company’s latest earnings report and is understood to be seeking a seat on Disney’s board as it pushes it to make operational improvements and cut costs.

Earlier this year, Disney appointed technology and media veteran Carolyn Everson in an agreement with activist Third Point Partners.

Shares in Disney were up marginally in pre-market trading on Monday.