Disney CEO Bob Iger suddenly steps down, company names replacement

Burbank, California — Bob Chapek has been named the new CEO of the Walt Disney Company effectively immediately after longtime CEO Bob Iger stepped down Tuesday, according to a Board of Directors statement.

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Chapek said in a statement.

Iger will assume the role of Executive Chairman through the end of his contract at the end of 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 in a news release. “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.”

Chapek, who was the chairman of Disney Parks, experiences and products will be the seventh CEO in Disney’s nearly 100-year history, "and “has proven himself exceptionally qualified to lead the Company into its next century,” Iger said in the news release.