(CelebrityAccess) — On Tuesday, The Walt Disney Company announced that longtime Chief Executive Officer Bob Iger plans to exit his role at the company, effective immediately.
Iger will remain at Disney, stepping into the executive chairman role, with oversight of the company’s creative endeavors through the end of his current contract with Disney, which extends through Dec. 31st, 2021.
Disney’s board also announced that Bob Chapek, who most recently served as Chairman of Disney Parks, Experiences and Products, has been named as the company’s new Chief Executive Officer, effective immediately.
“Bob [Chapek] will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come,” Iger said of his successor.
“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.
“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. 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,” Chapek added.
As Chairman of Disney Parks, Experiences and Products, Mr. Chapek oversaw the rollout of key properties such as f Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; the addition of numerous guest offerings across Disney’s six resort destinations in the U.S., Europe, and Asia, including the creation of the new Star Wars: Galaxy’s Edge lands at Disneyland and Walt Disney World as well as the addition of Marvel-inspired attractions at resorts around the world.
Disney Parks, Experiences and Products is Disney’s largest business segment, with global operations and a staff of more than 170,000 employees. The segment encompasses Disney’s travel and leisure business, including its theme parks and a cruise line, as well as licensing for products such as toys, apparel, home goods, digital games and apps, the world’s largest children’s print publisher, Disney store locations around the world, and the shopDisney e-commerce platform.
Iger was named President and COO of Disney in 2000, and later succeeded Robert Eisner as CEO in 2005. While leading the company, he oversaw blockbuster deals that included the $7.4 billion acquisition of Pixar in 2006 and the $4 billion acquisition of Marvel Entertainment in 2009.
More recently, he oversaw the $71.3 billion acquisition of 21st Century Fox and the successful launch of Disney’s digital content streaming platform Disney+
Under Iger’s watch, Disney’s market cap grew from $48.4 billion to $231.44 billion in 15 years.