Bob Iger replaced as Walt Disney Co. CEO by Bob Chapek
Longtime Disney parks chairman Bob Chapek has been named chief executive of Walt Disney Co., effective immediately, the company said Tuesday.
Bob Iger, who has been the company’s chief executive for 15 years, assumes the role of executive chairman and will direct the company’s creative endeavors and help guide the company’s board through the leadership transition until the end of his contract on Dec. 31, 2021, Disney said in a statement.
Disney’s CEO succession plan has been the subject of speculation for years as Iger delayed plans to leave the company. Other executives who were rumored as potential successors included Fox TV executive Peter Rice and Disney direct-to-consumer chairman Kevin Mayer.
Nonetheless, the timing of the announcement came as a surprise in the industry because Iger still has 20 months left on his contract and he has relished his role as one of most America’s successful CEOs.
By naming Chapek to the CEO role immediately, Disney’s board avoids a repeat of what happened four years ago when Iger’s apparent successor, Thomas Staggs, was ousted after serving as chief operating officer.
Chapek has overseen a major expansion of Disney’s parks business, including the recent addition of the two ambitious Star Wars: Galaxy’s Edge attractions at Disney’s parks in Anaheim and Orlando.
“With the successful launch of Disney’s direct-to-consumer businesses and the integration of 21st Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said in a statement. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”
In a conference call with investors, Iger said: “We feel this change gives us the ability to manage the company much more effectively.”
As the Burbank company’s new CEO, Chapek will directly oversee all of the company’s business segments and corporate functions. Chapek will report to Iger and the board of directors and will be appointed to the board at a later date.
Chapek has served as chairman of Disney Parks, Experiences and Products since 2018. Before that he was chairman of Walt Disney Parks and Resorts since 2015. As chairman of Disney Parks, Experiences and Products, Chapek oversaw the company’s largest business segment, with operations around the globe and more than 170,000 employees.
From 2011 to 2015, Chapek was President of the former Disney Consumer Products segment. Before that, he was president of distribution for Walt Disney Studios.
Faughnder writes for the Los Angeles Times.
