Bob Iger, longtime entertainment industry veteran, has stepped down from his post as CEO of the Walt Disney Company. The company made the announcement on Tuesday, Feb. 25.
Iger will provide creative consultation to Disney while serving in the capacity of executive chairman through 2021.
Effective immediately, Bob Chapek will serve as the new CEO, according Disney’s board of directors. He has over 27 years in leadership experience.
Chapek formerly served as chairman of Disney Parks, Experiences and Products, where he oversaw the opening of Disney’s first theme park and resort in Mainland China. Chapek will be the seventh executive to serve as CEO of Disney in its 100-year history.
“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. “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.”
Chapek will report to Iger and the board of directors. Disney’s board of directors had been actively searching for someone to take the CEO post for quite some time.
“The Board has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected Bob Chapek as the next CEO of The Walt Disney Company,” said Susan Arnold, independent Lead Director of the Disney Board. “Mr. Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the Company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.”
Iger, who was CEO for 14 years, will provide creative consultation to Disney while serving in the capacity of executive chairman through 2021. Under Iger’s reign, Disney has built its IP value with Marvel, Lucas Films, Pixar and 21st Century Fox. He also managed the launch of Disney+ and ESPN+.
The executive shakeup resulted in Disney shares falling 2.4%.
