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Bob Chapek to replace Bob Iger for top executive role

The Walt Disney Company has named a new CEO.

Bob Chapek is replacing Bob Iger, effective immediately, the company announced Tuesday.

Chapek, 60, who has been with the company for 27 years and was most recently chairman of Disney Parks, Experiences and Products, a position created in 2018, will take over Disney’s day-to-day operations, the company says.

That will allow Iger, who will stay on as executive chairman through Dec. 31, 2021, to focus on the company’s overall creative vision and strategy over his remaining two years with the company.

The time was right for Iger to step down as CEO, he said, now that Disney had successfully launched Disney+ in November 2019 and consolidated into the fold the Fox movie and television studios, acquired in a $71.3-billion transaction that closed in March 2019.

“We feel that this change gives us the ability to manage the company much more effectively … and enabling me to concentrate on what’s obviously very important,” Iger said on a call with investment analysts Tuesday afternoon. “It also sets up, we think, a great transition process that will lead to, basically, Bob taking over the company fully when I leave and at that point being far better versed in all the companies businesses and creative endeavors. it just made sense. It was that simple.”

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