Bob Iger Steps Down From His Role As Disney CEO

The keys to Disney are getting turned over from one Bob to another, as current CEO Bob Iger is stepping down from his role and will be replaced fellow Bob and Disney employee: Bob Chapek.

Chapek was Disney's Parks, Experiences and Products chairman before being named its CEO. The transition is effective immediately, while Iger remains as executive chairman until 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 in a press release. "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."

Chapek is Disney's seventh CEO over its nearly 100-year history.

Iger has done a lot to set Disney up for success during his time as CEO, including the acquisitions of Marvel, Pixar, Lucasfilm, and Fox. Disney+ has also been a boon for the company, with the streaming service reaching 28.6 million subscribers as of early February 2020. The company also launched ESPN+, the streaming service dedicated to all things sports, as part of a bundle with Disney+ and Hulu.