After years of shepherding the Walt Disney Company into one of the largest companies on the planet, Bob Iger is stepping down as CEO effective immediately.
Iger has been promising to step down as the head of the company for several years now, but huge business deals kept coming about that prevented that from occurring. The last two were the launch of Disney Plus and the integration of 21st Century Fox.
Bob Chapek, who has served as the chairman of Disney parks, experiences, and products, will assume the role of CEO effective immediately. Iger will stay on through the end of 2021 as the Executive Chairman to help with the transition.
Iger has served as the CEO of Disney since 2005 and has overseen such projects as the acquisitions of Marvel and Lucasfilm, the launch of Disney Plus, and the mammoth task of taking over 21st Century Fox.
While Bob Iger has promised that he would step down for several years, the continuous stream of new projects kept him in place for longer than planned. While the immediate nature of this announcement may come as a surprise, it has definitely been planned for.