Published Feb 25, 2020After 15 years at the helm of the company, Bob Iger is stepping down as CEO of the Walt Disney Company effective immediately.
The company's board of directors announced today that Bob Chapek, experiences and products chairman of Disney Parks, will assume Iger's position immediately, making him the seventh CEO in company history. Iger will, however, remain onboard as executive chairman through the end of 2021.
"Under Bob's leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come," Iger said in a press release.
"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 added. "I share his commitment to creative excellence, technological innovation and international expansion, and 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 was named president and COO of Disney in 2000, and became CEO of the company in 2005, replacing Michael Eisner. The outgoing CEO oversaw the launch streaming service Disney+, in addition to the company's $52 Billion acquisition of 21st Century Fox.
At an investors conference in 2019, Iger said he would stepping down from his post in 2021.