What you need to know
- Disney CEO Bob Iger is stepping down as chief executive of Walt Disney Co.
- Bob Chapek, who has worked with Disney for 27 years, has been named Iger's successor.
- Bob Iger will continue as the company's executive chairman until the end of 2021.
In what can only be described as a shocking move, Bob Iger is stepping down as chief executive officer of Walt Disney Co. He will be replaced by Bob Chapek as CEO, effective immediately.
Bob Iger, who had assumed the role of Disney CEO fifteen years back, will now take up the role of the company's executive chairman until the end of his contract on December 31, 2021. During his tenure as CEO, Iger strengthened the company by acquiring several major studios, including Pixar, Marvel Entertainment, Lucasfilm, and 21st Century Fox. He also led Disney's foray into the subscription video market with Disney+.
Expressing confidence in Bob Chapek as his successor, Iger said in a statement:
Bob Chapek, who most recently led Disney's parks and consumer products division, has been with the company for 27 years. Even though the announcement has come as a shock to many, Iger told investors that Chapek was chosen as his successor by the board "some time ago."
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