Bob Iger has stunned Hollywood by stepping down as chief executive officer of Disney.
The movie executive plans to remain as the company's chairman until his contract expires in December 2021, but he's passing on the top job to Bob Chapek, the chairman of Disney Parks, Experiences, and Products, effective immediately.
"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 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 endeavours."
Meanwhile, Chapek commented that he was "incredibly honoured and humbled" to be assuming the top role.
"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," he stated. "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."
Iger, 69, was named the chief executive officer of Disney in 2005.
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