Robert Iger is returning to Walt Disney Co. as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company’s attempt to boost investor confidence and profits at its streaming media unit.

Iger, 71, who was chief executive for 15 years and retired as chairman last year, has agreed to serve as CEO for two more years, effective immediately, replacing Bob Chapek, who joined Disney in February 2020. Disney stock sank more than 40% while Chapek was at the helm. Disney is competing poorly with Netflix and is also seeking to revive its share price. The company is hopeful “an old hand on the tiller” can turn the tide.