Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO.
Bob Iger will step down as Disney CEO and assume the role of executive chairman, Disney announced on Tuesday.
Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, effective immediately, Disney announced.
“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO," Iger stated.
Amid competition from Netflix, Iger prioritized the conglomerate's efforts on its own direct to consumer platforms, leading to the acquisition of streaming tech provider BAMTech in 2017 and the launch of the Disney+ platform on Nov. 12 last year.
Iger added, "I have the utmost confidence in Bob 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."
Iger's contact was up next year. So he'll stay on through 2021 for the transition.