"Disney names Bob Chapek new CEO, effective immediately; Bob Iger to stay on as executive chairman."
On Feb. 25, the Walt Disney Company Board of Directors announced Bob Iger would be stepping down as Disney CEO. His role will be taken over by Bob Chapek, who most recently served as Chairman of Disney Parks, Experiences and Products. Iger, who was first named the CEO of Disney in 2005, will assume the role of Executive Chairman until his contract ends in December 2021. As Executive Chairman, Iger will head the Board of Directors and lead the company’s “creative endeavors,” in order to ensure a “smooth and successful transition.” According to a statement, Iger’s decision to step down has been in the works for the “past several years.” 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, Bob Iger, via statement. During a call with investors, Iger also said he wanted more freedom to focus on the "creative side" of Disney. I felt that I should be spending as much time as possible on the creative side of the business ... Getting everything right creatively would be my number one goal, Bob Iger, via 'The Verge'. Iger also praised Chapek, saying his record of “visionary leadership” and “steller results,” makes him “exceptionally qualified” to take on the CEO position. Under [Chapek'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, Bob Iger, via statement