Disney CEO Bob Iger steps down, new Bob takes over as chief executive

Walt Disney announced on Tuesday that Bob Iger is stepping down as chief executive officer, with Bob Chapek taking the helm of the operations of the giant studio.

However, Bob Igers will remain to hold a special leadership role taking on the company’s creative division as its executive chairman. He will be with Disney until his contract expires on December 31, 2021.

‘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 said.

Iger said he is confident with Bob Chapek, who is now taking over as Disney’s seventh CEO from being the chairman of Disney Parks, Experiences and Products.

Iger’s sudden departure from the top management surprised Disney employees and even its rival studios. Chapek’s appointment is effective immediately, according to the company and he will directly oversee Disney’s operations.

Bob Iger has been with Disney in the last 45 years and served as CEO for 15 years. “It’s been a fun run,” Iger closed.

Disney’s shares lost 3.6% and hit another 2.2% setback at the closing of the markets yesterday.