Robert “Bob” Iger, the longtime leader of the Walt Disney Company, is stepping down as CEO effective immediately, the company announced Tuesday.
Iger, who has led the company since 2005, will stay on as executive chairman in charge “creative endeavors” until his contract ends on Dec. 31, 2021, the company said.
Bob Chapek, who most recently led the company’s theme parks division, will be the new CEO of the Walt Disney Company.
Iger said he felt it was the “optimal time” for a change a leadership.
“With the successful launch of Disneys 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 said in a statement.
“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 Disneys multifaceted global businesses and operations, while I continue to focus on the Companys creative endeavors,” he added.
Chapek has been Chairman of Disney Parks, Experiences and Products since 2018, and has been with the company since 1993.
Chapek said he is “honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees.”
This is a breaking news story. Please check back for updates. The Walt Disney Co. is the parent company of ABC News.