Walt Disney's Iger steps down as CEO, parks head Chapek to take reins
Walt Disney Co’s (DIS.N) Robert Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek, the company said on Tuesday, ending years of speculation on who will take over Hollywood’s most powerful studio, Trend reports citing Reuters.
Iger is still keeping a significant role at the company. He will assume the post of executive chairman and direct the company’s “creative endeavors” until his contract ends on Dec. 31, 2021, Disney said.
“The company has gotten larger and more complex just in the recent 12 months,” Iger said on a conference call on Tuesday, citing its purchase of 21st Century Fox and launch of direct-to-consumer services such as Disney+ last year.
“I felt that with the asset bases in place and with our strategy deployed I should be spending as much time as possible on the creative side of our business.”
Chapek, who will be the seventh CEO in the company’s nearly 100-year history, has most recently served as the chairman of Disney Parks, Experiences and Products. Chapek will report to Iger.