Bob Iger has stepped down as CEO of The Walt Disney Company, but will remain with the company as executive chairman until the end of 2021.
The departure brings an end to the Disney boss’ 15 year run, during which time the company acquired Pixar, Star Wars, Marvel and, in a landmark deal, 21st Century Fox.
In his temporary role, Iger will oversee Disney’s ‘creative endeavours’ and ensure a smooth handover to the company’s new chief executive Bob Chapek, formerly Chairman of Disney Parks, Experiences and Products.
“I believe this is the optimal time to transition to a new CEO,” Iger says.
“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.
“Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century.”
Bob Chapek was unanimously elected to the position, according to Susan Arnold, independent Lead Director of the Disney Board, who says the company considered a number of internal and external replacements.
He served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018, and prior to that was Chairman of Walt Disney Parks and Resorts since 2015. He joined Disney in 1993 from Heinz.
“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,” Chapek says.