While the move was expected at the end of 2021, The Walt Disney Company announced that Bob Chapek will succeed Bob Iger as chief executive officer effective immediately.
Though Iger has stepped down, he will assume the role of Executive Chairman and will direct Disney’s creative endeavors, while leading the company’s board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021. In a statement, Iger stated,
“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.”
“Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future,”
“His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”
In regards to the new CEO, Chapek most recently served as the Chairman of Disney’s parks, experiences and products. As Chairman of the Parks, Experienced and Products division, Chapek was responsible in overseeing the Disney’s largest business segment, with operations around the globe and more than 170,000 employees worldwide. Chapek stated,
“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,”
“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. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”
The move ends the era that saw Disney grow into one of the biggest, if not, the biggest companies in the world highlighted with the acquisition of both Marvel and Star Wars, which has led to billions of dollars in revenue from those franchises alone.
