Iger's move, announced Tuesday, is reliable immediately. He’ll remain on as executive chairman through December 2021. Bob Chapek will take over as CEO.

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Bob Iger arrives at the Oscar ceremony in ~ the Dolby Theatre in Los Angeles ~ above Feb. 9, 2020.Jordan Strauss / Invision via AP file
Bob Iger has actually stepped down as CEO that Disney, a relocate that sent immediate shock waves through the media sector that he aided shape in current years.

Iger"s move, announced Tuesday, is reliable immediately. He"ll remain on together executive chairman through December 2021 and continue to straight Disney"s content production — maybe the most important role at the company.

Bob Chapek, the head the Disney"s lucrative parks unit, is the company"s new chief executive, a task that had actually been sought after ~ by at least half a dozen of Iger"s current and also former deputies.

Iger was called president and chief operation officer the Disney in 2000 and became CEO in 2005, taking over native Michael Eisner, who tenure was ended by a shareholder revolt led by Roy E. Disney, nephew that the company"s founder, Walt Disney, who wanted come shake up the company"s management.

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Iger, who turned 69 this month, was important in guiding Disney right into the streaming age and also through its acquisition of Fox"s entertainment business — a transaction worth $52.4 billion once it to be announced. Under Iger, Disney went on one acquisition spree that has given it among the deepest libraries of family-friendly contents of any media company, consisting of Pixar, Marvel and Lucasfilm.

The acquisition strategy allowed Disney to dominate the box office, generating a document $13 exchange rate in revenue in 2019. It also enabled Disney to take it on Netflix v its very own streaming service, Disney+, which already has much more than 30 million subscribers.

On a phone speak to with investors complying with the announcement, Iger stated the readjust will enable him to focus on the an innovative side the Disney, something the couldn"t execute as CEO.

Iger stated the decision to readjust titles currently was "not accelerated by any particular reason."


Iger said Disney"s board of directors had seen Chapek together his follower "for part time now." He said the immediate adjust will likewise give him more time to collaborate with Chapek prior to 2021.

Iger claimed two factors led come Tuesday"s decision: how ideal to control the agency in that is current type and how best to regulate the sequence and transition. Iger stated making the change now noted the finest outcome.

While the news, which was announced in a press release, come as a surprise, Iger had actually been plan his sequence for a while. Critical year, in ~ Disney"s investors conference, he stated "2021 will certainly be the time for me to finally step down."

Disney stock declined sharply after the announcement, dropping about 2.7 percent in after-hours trading.

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The news is at least a temporary blow come Kevin Mayer, the head of Disney"s streaming business, that was viewed by plenty of as a potential successor. However, there to be speculation that Mayer could still end up being CEO under the line if he succeeds v Disney"s direct-to-consumer businesses, which include Disney+, ESPN+ and Hulu.