Michael Loccisano/Getty Images
Disney CEO Bob Iger has stepped down from his role “effective immediately.”
Disney Parks Chairman Bob Chapek will take over Iger’s position as CEO, and Iger will serve as executive chairman of the company.
BREAKING: Disney CEO Bob Iger to step down. Bob Chapek will be the CEO of Disney immediately. $DIS pic.twitter.com/MDSBArbjWg
— CNBC (@CNBC) February 25, 2020
Iger had been CEO of Disney since 2005, and according to the Walt Disney Company, Chapek has spent “nearly three decades at Disney.”
“Before becoming the 7th CEO in Disney’s nearly 100-year history, Mr. Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018, and prior to that he was Chairman of Walt Disney Parks and Resorts since 2015,” his new biography on the Walt Disney Company website reads. “Mr. Chapek also served as president of Distribution for The Walt Disney Studios, where he managed the Company’s film content distribution strategy across multiple platforms, and later as president of Walt Disney Studios Home Entertainment, where he led the organization to record-setting performances and played a key role in the commercialization of the Studio’s film business.”
In a statement, Iger said, “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 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,” he continued, adding that Chapek “has proven himself exceptionally qualified to lead the Company into its next century.”
Chapek said, “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 has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team,” Chapek continued. “I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward.”
