Bob Iger has announced that he is stepping down as the Chief Executive Officer (CEO) of Walt Disney.
Iger, who assumed the position in 2005, will be replaced by Bob Chapek, who previously ran the company's parks and products division.
In a statement, the company said Iger has assumed the role of executive chairman and will direct Disney's creative endeavours. He will stay on at Disney through the end of his contract on December 31, 2021.
"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 multi-faceted global businesses and operations, while I continue to focus on the company's creative endeavours," Iger said.
Iger had replaced Michael Eisner as the CEO of Disney in 2005, and during his 15-year-long stint at the top position, he oversaw the company's most strategic acquisitions of Pixar in 2006 for $7.4 billion, Marvel Entertainment in 2009 for $4 billion, Lucasfilm in 2012 for $4.06 billion, and 21st Century Fox in 2019 for $71.3 billion.
He also played the leading role in the roll out of company's own streaming service Disney Plus, which has so far amassed over 28 million subscribers.
"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," Iger.
Chapek, who joined Disney in 1993, will be the firm's seventh chief executive since it was formed in the 1920s.
"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.
"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," he said.
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