Yesterday, the Walt Disney Company Board of Directors announced that Bob Iger was stepping down as CEO of the company and that Bob Chapek would be taking over the position, effective immediately. Iger, who has been at the company for 45 years, held the position for the past 15 and led the $70 billion acquisition and integration of 21st Century Fox, as well as the successful launch of Disney+.
In an interview with CNBC, Iger revealed that after considering how well the business side of the company was going and how lucrative their assets are, he wanted to make sure the creative side would continue to excel in the same way. “As we looked at the businesses, we have a great set of assets, we have a great strategy, what’s next? And what was next, in terms of my own priorities, is making sure that the creative pipeline in the company was really rich, that all of our creative engines were working extremely well,” Iger said.
“I wanted to spend more and more of my time on that. But the only way that I was able to do that was to pass the torch on to Bob so that my direct reports and the authority over our businesses will shift to him, freeing me up to do what I think is our next big priority.”
Iger will assume the role of executive chairman and will direct the company’s creative endeavors, while leading the board through the end of 2021.
In Chapek’s new role as CEO, he will directly oversee all of the company’s business segments and corporate functions. Chapek will report to Iger, as well as the board of directors, and will be named to the board of directors at a later date. A replacement for his role as head of Disney Parks, Experiences and Products will be named at a future date.