Longtime Disney CEO Bob Iger will step down from the helm of the media and entertainment giant but will remain at the company as executive chairman through the end of 2021, the company said Tuesday. Bob Chapek, who most recently served as the chairman of Disney Parks, experiences, and products, will take over as CEO, effective immediately. (Adweek)
In Iger’s new role, he will direct Disney’s creative endeavors and lead the Disney board through the end of his contract. Chapek will report to Iger in the new company structure. (TVNewser)
Iger said it was an “optimal time” for him to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of the Disney Plus streaming service in November. (HuffPost / AP)
Iger had been planning his succession for a while, saying at Disney’s investor day last year that “2021 will be the time for me to finally step down.” Iger has been CEO of Disney since 2005. (CNBC)
Following the news, shares of Disney fell more than 2 percent in after-hours trade, though the stock pared some of its losses after the investor call came to a close. Shares plunged 3.6 percent during the regular session amid a broader selloff related to global fears surrounding the spread of coronavirus. (Variety)