Bob Iger Steps Down as CEO of Disney

Bob Iger Steps Down as CEO of Disney On Feb.

25, the Walt Disney Company Board of Directors announced Bob Iger would be stepping down as Disney CEO.

His role will be taken over by Bob Chapek, who most recently served as Chairman of Disney Parks, Experiences and Products.

Iger, who was first named the CEO of Disney in 2005, will assume the role of Executive Chairman until his contract ends in December 2021.

As Executive Chairman, Iger will head the Board of Directors and lead the company’s “creative endeavors,” in order to ensure a “smooth and successful transition.” According to a statement, Iger’s decision to step down has been in the works for the “past several years.” Bob Iger, via statement During a call with investors, Iger also said he wanted more freedom to focus on the "creative side" of Disney.

Bob Iger, via 'The Verge' Iger also praised Chapek, saying his record of “visionary leadership” and “steller results,” makes him “exceptionally qualified” to take on the CEO position.

Bob Iger, via statement