Bob Iger Steps Down as Disney CEO

Bob Iger has suddenly stepped down as the CEO of Disney. The move is an abrupt one with Bob Chapek replacing Iger. Iger will now be the executive chairman through 2021.

Iger’s decision was due to his wanting to focus more on the creative side of things now that major projects like the Fox merger and launch of Disney+ have been completed.

Under Iger Disney also added Pixar, Star Wars, and Marvel to its catalogue of IP.

Iger said last year that he’d step down in 2021, so the news was expected though not in this timeline.

In the statement, Iger said:

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

Disney’s shares fell 2.5% after hours due to the news.