NEW YORK (AP) — Disney CEO Bob Iger is stepping down immediately.
The surprise announcement Tuesday makes Iger executive chairman, a role he’ll keep through the end of his contract at the end of 2021.
Iger says it was an “optimal time” to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of Disney Plus streaming service.
Iger became CEO of Disney in 2005, succeeding longtime chief Michael Eisner. He steered Disney through successful acquisitions of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney.
His replacement is Bob Chapek, who is most recently chairman of Disney’s parks, experiences and products business.
By Mae Anderson and Tali Arbel, Associated Press
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