Your Evening Briefing: Disney Shares Jump as Iger Comes Home

Disney shares rose the most in almost two years after the storied entertainment giant that lists Pixar, Marvel and Lucasfilm among its assets brought back former leader Bob Iger as chief executive, replacing his successor, Bob Chapek. Iger, 71, who spent more than four decades at Disney, including 15 years as CEO, agreed to serve for two years while helping find a permanent replacement. Chapek, 62, is leaving effective immediately. Disney jumped as much as 9.9% Monday, the biggest intraday gain since December 2020, after falling 41% so far this year. Chapek leaves Disney’s top job with exit payments and benefits that could be worth more than $23 million. And that’s not including the millions of dollars he could collect if the company’s share price recovers in the coming years.

With just two weeks to go until new European Union oil sanctions come into force, Russia has already lost more than 90% of its market in the bloc’s northern countries, previously the mainstay of shipments from the Baltic and Arctic terminals.