Bob Iger to step down as Disney CEO, effective immediately

From CNBC.com

Bob Iger will step down as Disney CEO and assume the role of executive chairman, Disney announced on Tuesday.

Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, effective immediately, Disney announced.

Shares of Disney fell about 2.5% after hours.

Iger will remain executive chairman of Disney through the end of 2021, according to the company. He has been instrumental in making Disney a media powerhouse with key acquisitions and content plays. He launched Disney+, immediately making Disney a popular streaming service provider. Disney said the service had 26.5 million paying subscribers during the first quarter of 2020 after launching in November.

Iger has beefed up Disney’s already-strong content library with several large acquisitions. Most recently, he ushered through Disney’s $71 billion acquisition of Fox’s entertainment business, which would add even more content to its streaming library. He also added Star Wars and Marvel movies through its acquisitions of Lucasfilm and Marvel Entertainment, each for about $4 billion. Shortly into his tenure as CEO, Iger announced 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 also launched a theme park in Shanghai, further expanding Disney’s footprint across the globe and gaining 11 million visitors in its first year.

“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,” Iger said in a statement.

Iger had been planning his succession for a while, saying at Disney’s investor day last year that “2021 will be the time for me to finally step down.”

Iger will be on CNBC to discuss his succession with Julia Boorstin at 5:30 p.m. Eastern Time.

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Scott

Co-Owner / Webmaster / Business Relations / PT Writer As co-owner and co-creator of The Main Street Mouse. Working in a technical support position for 18 years, it was time for a change. As the Webmaster and Project Planner, I spend most of my time researching everything from the latest Disney News, technology advances and of course keeping up on all the Marvel news that comes out. I never considered myself a writer but I’ve come to like blogging and sharing news with all. I feel blessed everyday that I get to spend my days working with my best friend and love of my life while we continue to grow and expand what started as a hobby all those years ago.

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