Robert A. Iger will step down as chief executive of Walt Disney after 15 years at the helm of the company, He will be replaced by Bob Chapek, who has most recently served as chairman of Disney’s parks business. Mr. Iger, 69, will take on the role of executive chairman — and direct Disney’s creative endeavors — to ensure a smooth transition through the end of his contract on Dec. 31, 2021.
Longtime Disney Parks Chairman Bob Chapek has been named chief executive of Walt Disney Co., effective immediately, the company said Tuesday. Iger assumes the role of Executive Chairman and will direct the company’s creative endeavors and help guide the company’s board through the leadership transition until the end of his contract on Dec. 31, 2021, Disney said in a statement.
“With the successful launch of Disney’s direct-to-consumer businesses and the integration of 21st Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said in a statement. “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 multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”
As the Burbank company’s new CEO, Chapek will directly oversee all of the company’s business segments and corporate functions. Chapek will report to Iger and the board of directors and will be appointed to the board at a later date. Chapek has served as Chairman of Disney Parks, Experiences and Products since 2018. Prior to that was Chairman of Walt Disney Parks and Resorts since 2015. As Chairman of Disney Parks, Experiences and Products, Chapek oversaw the company’s largest business segment, with operations around the globe and more than 170,000 employees.
Iger became the face of Disney over the last 15 years. On March 15th, 2005, Disney announced that Iger would succeed longtime CEO Michael Eisner as the company’s sixth CEO. In his first year as CEO, Iger repaired broken relationships with visionaries like former Apple CEO Steve Jobs and acquired Pixar for just over $7 billion. It was the start of Iger’s ongoing legacy at the company.