New York (CNN Business)- Bob Iger has stepped down as CEO of the Walt Disney Company (DIS), effective immediately.
Bob Chapek is the new CEO, the board of directors announced on Tuesday. He most recently served as chairman of Disney Parks, Experiences and Products.
Iger has assumed the role of executive chairman and will direct the company's creative endeavors, the company said. Iger will stay on at Disney through the end of this contract on 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," Iger said in a statement.
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Iger said he has the "utmost confidence" in Chapek and looks forward to "working closely with him over the next 22 months as he assumes this new role."
"I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world," Chapek said in a statement. "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."
Iger's announcement caught Disney employees and rival media executives off guard. Some said they were stunned and "in shock" about his sudden departure from the CEO seat. This transition was inevitable, but it was not expected to take place immediately on a seemingly random Tuesday afternoon. Some insiders took solace in the fact that Iger said he would remain executive chairman of the company.
Iger, one of America's most respected CEOs, succeeded Michael Eisner in 2005. During his tenure, Iger oversaw the acquisition of Marvel Studios, Pixar, and Lucasfilm, all of which produced films that shattered box office records. Under his leadership, 21st Century Fox came into Disney's fold, resulting in a new roster of intellectual property for the nearly 100-year-old company.
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