- Bob Iger, would soon step aside to make way for Bob Chapek, the chairman of Disney parks, experiences and products
- Iger, who has served as CEO since 2005, would now focus on the creative strategy of the company
- Disney’s shares fell by about 2.5% after the announcement and Iger revealed that there would be a smooth transition
Chief Executive Officer (CEO) of Disney, Bob Iger, has been replaced with immediate effect.
The chairman of Disney parks, experiences and products, Bob Chapek, would now assume the role of CEO.
Information available shows that Iger would now focus on the creative strategy of the company throughout the remainder of his tenure.
This comes after major products such as the Fox merger, which was sealed for $71 billion, and the launch of Disney+ has been accomplished.
Per a report by CNBC, Chapek would, however, continue to report to Iger, and would soon be appointed to the firm’s board of directors.
A few hours after the announcement, Disney’s shares fell by about 2.5% and Iger later revealed that the current arrangement is to ensure smooth transmission.
According to Iger, he intended to step down in 2021 after being CEO since 2005 but he indicated that he repeatedly pushed back his retirement plans.
Disney recently revealed that its Disney+ service had 26.5 million paying subscribers during its first quarter of 2020 after it was launched in November 2019.
Soon after his appointment as CEO, Iger announced the acquisition of Pixar Animation Studios for $7.4 billion.
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