Bob Iger to step down as Disney CEO, effective immediately – CNBC

Bob Iger will step down as Disney CEO and assume the role of executive chairman, Disney announced Tuesday. Bob Chapek, who most just recently served as chairman of Disney

chairman of Disney through the end of 2021, according to the company. Iger had been planning his succession

for a while, saying at Disney’s financier day last year that”2021 will be the time for me to lastly step down.”Iger has been CEO of Disney considering that 2005. He’s pressed back his retirement a number of times in recent years, and Tuesday’s succession announcement came as a surprise. On a call with investors shortly after the statement, Iger addressed the timing of his statement, which occurred 22 months before he was expected to retire at the end

parks, experiences and products, will assume the function of CEO, efficient right away, Disney announced. Chapek will continue to report to Iger and be selected to the board of directors at a later date. Shares of Disney fell about 2.5 %after hours. In an interview with CNBC’s Julia Boorstin

after Disney’s statement, Iger stated the CEO reporting structure is a way to make sure a smooth shift.”We’re not concerned at all about producing any confusion,”Iger stated of the plan. Iger will remain executive

of 2021. Iger stated he chose to step down now due to the fact that he wished to focus on the imaginative side now that major tasks like the Fox merger and launch of Disney+lagged him. Iger said he would have the ability to help shift Chapek into the role while acting as executive chairman.”With everything else forming, the time seemed right,”Iger stated. Iger has contributed in making Disney

a media powerhouse with key acquisitions and content plays. He introduced Disney+, right away

making Disney a popular streaming provider. Disney said the service had 26.5 million paying subscribers during the first quarter of 2020 after releasing in November. Bob Chapek, chairman of Walt Disney Parks and Experiences, stands for a photograph at an unveiling event of Star Wars: Galaxy’s Edge at Walt Disney Co.’s Disneyland amusement park in Anaheim, California, U.S., on Wednesday, May 29, 2019. Patrick T. Fallon

Iger has been CEO of Disney because 2005. Iger said he decided to step down now due to the fact that he desired to focus on the innovative side now that major jobs like the Fox merger and launch of Disney+were behind him. Bob Chapek, chairman of Walt Disney Parks and Experiences, stands for a photo at an unveiling occasion of Star Wars: Galaxy’s Edge at Walt Disney Co.’s Disneyland theme park in Anaheim, California, U.S., on Wednesday, May 29, 2019. Shortly into

his tenure as CEO, Iger revealed Disney’s $7.4 billion acquisition of Pixar Animation Studios, which made popular films like” Toy Story”and”Finding Nemo “before becoming part of Disney. Iger likewise launched a theme park in Shanghai, further expanding Disney’s footprint across the world and gaining 11 million visitors in its first year.

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