Bob Chapek has been named Disney’s new Chief Executive Officer effective immediately, replacing the outgoing CEO Bob Iger – the main architect of both the Disney+ streaming service and the Fox acquisition.
Iger will assume the role of Executive Chairman and direct the company’s creative endeavors, while continuing to lead the board through the end of his contract on December 31st 2021 when he will exit.
Chapek will handle day-to-day operations and learn the rest of the job during the transition period. Chapek started with the studio in 1993 and most recently served as chairman of Disney Parks, Experiences and Products, and previously ran Disney’s parks and consumer products divisions.
During a conference call with investors this afternoon, Iger says the time was now to announce his successor so he could focus on Disney’s growing content operations:
“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. 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 will be the seventh CEO in Disney’s nearly 100-year history.