The Walt Disney Company's Chief Executive Officer Bob Iger stepped down from his post, assuming the executive chairman role through 2021, the company's Board of Directors announced on Tuesday. He will be succeeded by Bob Chapek who previously served as Chairman of Disney Parks, Experiences and Products, effective immediately.
"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 said in a statement.
Chapek, a 27-year Disney veteran, stated: "I am incredibly 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."
