Bob Iger steps down from role as Disney CEO

Bob Iger and Bob Chapek at the opening of Star Wars: Galaxy's Edge (Photo: Business Wire)

It was back in 2018 when Disney CEO Bob Iger announced his intentions to retire from his role. Now, it looks like the transition has begun. Iger just stepped down from his role, and he has now been replaced by Disney Parks, Experiences, and Products Chairman Bob Chapek. Iger will continue to serve as the company's executive chairman until the end of 2021.

Iger said in a press release, "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. 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 endeavours."

Chapek will be Disney's seventh CEO, and after 27 years with the company, Iger said his successor has proven that he has visionary leadership to head Disney.

"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," Iger said in a press release.