BREAKING: Bob Iger Steps Down As Disney’s CEO

Disney’s chief Bob Iger has confirmed he is stepping down as the company’s CEO, with Bob Chapek succeeding him in the role.

The 69-year-old businessman – who stepped into the role back in 2005 and has been with the entertainment giant since 1996 – will take on the role of executive chairman as he leads the board until his contract’s end on December 31, 2021, while his successor Bob Chapek will immediately take on the new role.

On a call with Wall Street analysts, Iger said:

”The company has gotten larger and more complex in the recent 12 months. With the asset base in place, and our strategy essentially deployed, I felt that I should spend as much time as possible with the creative side of our businesses … because that becomes our biggest priority in 2021.”