Longtime Disney parks chairman Bob Chapek has been named chief executive of Walt Disney Co., effective immediately, the company said Tuesday.
Former CEO Bob Iger assumes the role of executive chairman and will direct the company's creative endeavors and help guide the company's board through the leadership transition until the end of his contract on Dec. 31, 2021, Disney said in a statement.
"With the successful launch of Disney's direct-to-consumer businesses and the integration of 21st Century Fox well underway, I believe this is the optimal time to transition to a new CEO," Iger said in a statement. "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 endeavors."
As the Burbank company's new CEO, Chapek will directly oversee all of the company's business segments and corporate functions. Chapek will report to Iger and the board of directors and will be appointed to the board at a later date.
Chapek has served as chairman of Disney Parks, Experiences and Products since 2018. Prior to that was Chairman of Walt Disney Parks and Resorts since 2015. As chairman of Disney Parks, Experiences and Products, Chapek oversaw the company's largest business segment, with operations around the globe and more than 170,000 employees.
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