Longtime Walt Disney Company CEO Bob Iger has stepped down from his position, with Bob Chapek named as his successor. Chapek is a 27-year veteran of the House of Mouse, working the past few years as Chairman of Disney Parks, Experiences, and Products.
"With the successful launch of Disney’s direct-to-consumer businesses and the integration of 21st Century Fox well underway, I believe this is the optimal time to transition to a new CEO," Iger said in the announcement.
Iger will retain his role as Executive Chairman of Disny's board of directors, at least through the end of his current contract on December 31, 2021. Variety reports that Iger will continue to "lead the company's creative endeavors" in this position.
"I have the utmost confidence in Bob, " Iger continues, "and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the company’s creative endeavors."
Chapek's CEO duties are described as overseeing "all of the Company’s business segments and corporate functions." Chapek will report to Iger and the Board of Directors.
A replacement for the role Chapek is vacating - Chairman of Disney Parks, Experiences and Products - will be named “at a future time.”