Multiple reports are coming in that Bob Iger has decided to step down as CEO of Disney. He'll be replaced by Bob Chapek, but will remain on as executive chairman until his contract's end on Dec. 31, 2021.
Iger has been CEO of Disney since 2005, and has presided over a period of dramatic expansion for the company. He oversaw the acquisitions of Pixar, Marvel, Lucasfilm and Fox, and In 2019 alone the company had seven blockbusters hit the $1 billion mark at the worldwide box office under his watch.
“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," said Iger 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."
Chapek has been with the company since 1993, and has been chairman of Disney Parks, Experiences and Products since 2018. During today's conference call with Wall Street analysts, Iger revealed that the Disney board had "identified Chapek as his potential successor quite some time ago."
“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.”
It remains to be seen what, if any, impact this change will have on Disney's future creative decisions. Whatever happens, and regardless of whether you happen to love or hate Disney, there's no denying that Iger steered the company to unprecedented success.