Culture

Disney's Bob Iger Steps Down as CEO, Effective Immediately

Disney Parks’ chairman Bob Chapek will take his position.

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Disney's Bob Iger Steps Down as CEO, Effective Immediately

Disney Parks’ chairman Bob Chapek will take his position.

Disney‘s longtime CEO Bob Iger has unexpectedly stepped down. He will instead direct the company’s Creative Endeavors and lead its board of directors before his contract expires on December 31, 2021.

According to a press release issued by The Walt Disney Company, Disney Parks’ chairman Bob Chapek will be the new CEO, effective immediately. Iger said in a statement:

“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. I have the utmost confidence in Bob [Chapek] 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.”

“Bob Iger has built Disney into the most admired and successful media and entertainment company,” Chapek added. “I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

Iger has accomplished a slew of milestones in his career since taking the reigns at the Mickey Mouse company in 2005. According to CNet, he secured the “$7.4 billion USD acquisition of Pixar from Apple CEO Steve Jobs in 2006, as well as the $4 billion USD acquisition of Marvel in 2009 and the $4 billion USD purchase of Star Wars studio Lucasfilm in 2012.” Iger also helped launch Disney+ last year which acquired 28.6 million subscribers in less than three months.

For more information about the new transition, head on over to The Walt Disney’s website. In other news, here’s a list of everything coming to Disney+ in March.

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