Disney Parks chairman Bob Chapek will take over as the new CEO.

The Walt Disney Company Board of Directors announced on February 25 that Bob Iger is stepping down as CEO and getting replaced by Bob Chapek, effective immediately.

Iger will be transitioned out, finishing any "creative endeavors" through the end of his contract on December 31, 2021.

You can read Bob Iger's full statement below:

“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."

Chapek has served as Chairman of Disney Parks, Experiences, and Products since 2018. In this new CEO role, Chapek will "directly oversee all of the Company’s business segments and corporate functions," according to the statement by the Walt Disney Company.

On his new role, Chapek said:

"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 2 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."

This news comes after the successful launch of the Disney+ streaming service and acquisition of Fox.

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