Chief Executive Officer of the Walt Disney Company, Bob Iger has stepped down with as Bob Chapek takes over as the new CEO.
It was gathered that the board of directors announced on Tuesday naming Bob Chapek, CEO but Mr. Iger will stay on as executive chairman, overseeing the company’s creative endeavors through the end of next year, until his contract expires on December 31, 2021.
In a statement released by Iger, he believed that this was the optimal time to transition to a new CEO as he needs to spend more time on the creative side of the company. and that he is looking forward to working with Chapek.
“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.”
Chapek said in a statement: “I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world. 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.”
In an interview with CNBC, Iger said his succession plans were “actually a few years” in the making and that Chapek has identified “awhile ago as a likely candidate” to succeed him.
“He ran one of our most complex, one of our important businesses, global parks and resorts, for instance, during a time of great capital investment and a time of great change, and did so very well,”
Iger said that he would leave the company for good once his contract is up in 2021.