Bob Iger has stepped down as CEO of Disney, a move that sent immediate shock waves through the media industry that he helped shape in recent years.
Iger’s move, announced Tuesday, is effective immediately. He’ll stay on as executive chairman through December 2021 and continue to direct Disney’s content creation — arguably the most important role at the company.
Bob Chapek, the head of Disney’s lucrative parks unit, is the company’s new chief executive, a job that had been sought after by at least half a dozen of Iger’s current and former deputies.
Iger was named president and chief operating officer of Disney in 2000 and became CEO in 2005, taking over from Michael Eisner, whose tenure was ended by a shareholder revolt led by Roy E. Disney, nephew of the company’s founder, Walt Disney, who wanted to shake up the company’s management.