A bombshell landed on the media and entertainment backdrop while Faultline was taking a Thanksgiving break, with the shock return of Bob Iger as Disney CEO, replacing Bob Chapek after less than three years. There is no way to sugarcoat this. Chapek has been forced out by the Disney board at a time of great economic uncertainty, losing out to long-term leader Iger who has simply won a popularity contest among Disney leadership. Iger will now be expected to transform Chapek’s light-touch approach to payroll reduction into an aggressive structural overhaul which may have major implications for Disney’s direct-to-consumer streaming division. Iger has wasted no time wielding the axe. Longstanding executive Kareem Daniel, Chairman of Media and Entertainment Distribution and…