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Disney CEO steps down but will maintain executive chairman position
On Tuesday, Disney announced that Bob Iger would step down from the role of CEO and become executive chairman through 2021, effective immediately. The new CEO is now Bob Chapek, most recently the former chairman of Disney parks, experiences and products.
Chapek will report to Iger, and he will later be appointed to the board of directors at a later date.
The news came as a surprise, and many are upset that Iger stepped down. He has been the CEO of Disney since 2005 and was instrumental in expanding Disney into Hollywood’s biggest and most powerful entertainment powerhouse during his 14-year tenure. He even launched a theme park in Shanghai, further expanding Disney’s footprint around the world.
However, it was revealed at Disney’s investor day that Iger had pushed back his retirement several times in recent years. He will now focus more on the creative side now that the Fox merger and Disney+ has passed successfully.
However, Iger had been planning his succession for a while now, and he assured everyone that the CEO reporting structure would ensure a smooth transition.
Chapek will continue to work on “strategic pillars” that were set by Iger, but he will “leverage” all his experiences at Disney and before Disney to continue building the company for its shareholders and loyal fans.
By: Maytinee Kramer
