Bob Chapek Named New CEO of Disney, Bob Iger Staying on as Executive Chairman through 2021
In a shocking move, The Walt Disney Company announced that Bob Chapek would succeed Bob Iger as Chief Executive Officer of The Walt Disney Company.
Bob Iger will assume the role of Executive Chairman at Disney through 2021. Bob Chapek, who most recently served as chairman of Disney Parks, Experiences and Products, will assume the role of CEO, effective immediately.
Bob Iger will still direct the company's creative endeavors until 2021. His contract ends December 31, 2021.
“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,” Mr. Iger said in a press release. “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.”
Bob Iger also added more: "Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”
“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Mr. Chapek said. “Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”
The board unanimously picked Bob Chapek as Bob Iger's successor. Chapek's new role he will report to Iger and the Board of Directors. Chapek will be appointed to the board at a later date. A new head of Disney Parks, Experiences and Products will be named at a future time.
Chapek was the chairman of the Disney Parks and Resorts division since 2015, and in 2018 he was the chairman of the newly formed Parks, Experiences, and Products division. Before his career at Disney, Chapek earned a B.S. in Microbiology at Indiana University Bloomington and an MBA from Michigan State University.
The Bob Iger as CEO era is over.
Iger oversaw Disney's transformation into a powerhouse. As the man behind the acquisitions of Pixar, Marvel, Star Wars, and 21st Century Fox. Iger also spearheaded the company's shift to direct-to-consumer and the launch of Disney+.
The Chapek Era of Disney is now upon us.