Disney Names New CEO After Bob Iger Steps Down, Effective Immediately

Bob Iger has made the surprise announcement that he is stepping down as the CEO of Disney, earlier than many have expected.

It has been known for some time that Iger was preparing to step down and Hollywood has been wondering who would succeed him for quite a while now.

Iger‘s contract with Disney is through December 31, 2021 and he will remain with the company as chairman and he will continue to lead the company’s creative endeavors.

Bob Chapek, who was the chairman of Disney Parks, Experiences, and Products, is stepping into the role of CEO effective immediately.

“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. “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.”

It has been reported that Chapek‘s salary has been increased to $2,500,000 a year.

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” 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. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

Iger was named the CEO of Disney in 2005 and his annual pay for 2019 was a whopping $47.5 million.

Click through the gallery for photos of Bob Iger with Disney talent…