Disney CEO Bob Iger steps down, effective immediately

The Walt Disney Co. has named Bob Chapek its new chief executive, replacing longtime CEO Bob Iger, effective immediately.

The surprise announcement Tuesday makes Iger executive chairman. Chapek was most recently chairman of Disney Parks, Experiences and Products, the division that oversees Disneyland in Anaheim, California; Disney World near Orlando, Florida, and other theme parks.

Iger will remain chairman through the end of his contract December 31, 2021, the company said.

Iger, who turned 69 this month, said it was an “optimal time” for him to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of the Disney Plus streaming service in November.

Robert Iger, chairman and CEO of The Walt Disney Company, speaks during an Economic Club of New York event in Midtown Manhattan on October 24, 2019, in New York City.  Drew Angerer / Getty Images

Maybe so, but the change in CEOs was a surprise to Wall Street: “Did not see this coming — Wowza,” tweeted LightShed media analyst Rich Greenfield.

Susan Arnold, the independent lead director of the Disney board, said succession planning had been ongoing for several years.

Chapek is only the seventh CEO in Disney history. The 60-year-old executive was head of the parks, experiences and products division since it was created in 2018. Before that he was chairman of Walt Disney Parks and Resorts since 2015. Before that, he was president of the Disney Consumer Products segment from 2011 to 2015.