Walt Disney CEO Robert Iger Steps Down, Bob Chapek To Succeed

(RTTNews) - Walt Disney Co. (DIS) Tuesday announced CEO Robert Iger will step down immediately, and will be replaced by Bob Chapek.

Chapek most recently served as Chairman of Disney Parks, Experiences and Products.

Iger will assume the role of Executive Chairman and will "direct the company's creative endeavors," while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract 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. "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."

"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," Mr. Chapek said.