CEO Bob Iger, Bob Chapek, Walt Disney Company

The Walt Disney Company is seeing a monumental shift in management, as CEO Bob Iger steps down effective immediately. Replacing Iger as CEO is Bob Chapek, previously chairman of Disney parks, experiences, and products. Iger will continue as executive chairman of the board until his contract is up on December 31, 2021.

Chapek has served at Disney since 1993, and his new contract with the company began Feb. 24, which is active until Feb. 28, 2023. About the new position, Chapek 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.”

Bob Iger became CEO in 2005, marking the beginning of a 15-year run that saw myriad successes and the acquisitions of Marvel, Lucasfilm, and, most recently, 21st Century Fox. Chapek added to his statement, saying that Iger has “built Disney into the most admired and successful media and entertainment company.”

Having just launched the popular Disney+ streaming platform last November, Iger is aiming to go out on top: “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.”

The former Disney CEO expressed his confidence in the new leadership as he shifts his focus more broadly to the company’s creative endeavors.

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