Bob Iger Steps Down As Disney CEO, Hands Over The Reins To Bob Chapek

In a surprise announcement, Bob Iger revealed that he’s stepping down as Disney’s CEO effective immediately. He’s handing over the keys to the Mouse House to Bob Chapek who most recently served as the chairman of Disney parks, experiences, and products. Iger will stay on as Disney chairman until the end of his contract on December 31, 2021. He would be focusing on leading the company’s creative endeavors.

“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 endeavors.”

In terms of how he’s leaving the company, Iger emphasized that “getting everything right creatively” is his primary goal. “I felt that with the asset base in place and with our strategy essentially deployed, that I should be spending as much time as possible on, basically, the creative side of our businesses,” he said. “Because with the asset base in place and the strategy in place that becomes the biggest priority. And in thinking about what I want to accomplish before I leave the company at the end of ’21, getting everything right creatively would be the No. 1 goal.”

Bog Iger’s contract originally expired in 2018. But, it was extended when the company couldn’t find a suitable successor. According to Screen Rant, Iger announced his plans to step down as CEO back in 2019 when his contract expires on 2021. And now, the CEO is departing the position a little earlier than expected. The topic of his successor has long been running through circles of speculation. But, Chapek has long been seen as a strong contender.

“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. “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.”

Chapek has been in Disney for over 27 years. He has held various senior management positions. Most recently, he headed Disney’s theme park division since 2015. Then, in 2018, he was promoted to chairman of parks, experiences, and products. Chapek is also responsible for launching Star Wars-themed lands in domestic parks and the Shanghai Disney Resort. Now, he has some very big shoes to fill.

Bob Iger became the face of Disney in 2005 taking over from Michael Eisner as its sixth CEO. Thanks to him, Disney grew to be the media titan it is today. In his tenure, the company has reached unparalleled financial and creative growth. In his first year, Iger repaired broken relations with Apple CEO Steve Jobs. This allowed him to make his first massive acquisition with Disney buying Pixar animation for $7.4 billion dollars. Then, in 2009, the CEO purchased Marvel for over $4 billion dollars. It was quickly followed in 2012 when Iger purchased Lucasfilm for $4 billion dollars. His most recent and biggest acquisition is, of course, Disney’s purchase of 21st Century Fox for $71.3 billion. Thanks to these, the company has secured a chokehold on the box office.

In addition to that, Bob Iger also oversaw the launch of Disney’s own streaming service Disney+. To fully do this, he resigned from his post at Apple’s board of directors to avoid creating a conflict of interest with Apple+. The sudden shakeup has taken the world by surprise. And now, all eyes are on Chapek as he faces new challenges as CEO right out of the gate.