Disney CEO Bob Iger Shockingly Steps Down

Disney CEO Bob Iger shockingly steps down

The Walt Disney Company released a press release confirming a significant change at the company. Effective immediately, CEO Bob Iger is stepping down. As of February 25, Bob Chapek, Disney’s Parks, Consumer Products, and Studio Businesses leader is the company’s new CEO.

“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 the statement. “I have the utmost confidence in Bob [Chapek] and look forward to working closely with him over the next 22 months.”

Bob Iger will transition to a new position. Iger will lead Disney’s Creative Endeavors and leading its board of directors before his contract expires on December 31, 2021. Iger’s retirement has been predicted, but his sudden move is unexpected.

Since taking over Disney in 2005, Iger leads the company to new heights. Iger acquired Lucasfilm in 2012, Marvel in 2009 (for USD 4 billion), and Pixar from Steve Jobs for USD 7.4 billion in 2006. In 2019, Iger oversaw the USD 52.4 billion Disney-Fox merger and the launch of Disney Plus.

Susan Arnold, the Disney Board’s lead director, said Bob Chapek was “unanimously” voted in as Disney’s new CEO after the executives vetted a variety of other candidates. Chapek has worked 27-years at Disney and oversaw the launch of Shanghai Disney Resort, various Marvel- and Star Wars-themed park attractions, and the expansion of the Disney Cruise Line.

“Bob Iger has built Disney into the most admired and successful media and entertainment company,” said Chapek in the statement. “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.”

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