Disney CEO Bob Iger steps down, IU grad Bob Chapek named new head

In this Sept. 11, 2015 file photo, Chairman of Walt Disney Parks and Resorts Bob Chapek speaks during a ceremony at the Hong Kong Disneyland. (AP Photo/Kin Cheung, File)

ORLANDO, Fla. (TEGNA) — The Walt Disney Co. has named Bob Chapek CEO, replacing Bob Iger, effective immediately.

Iger will become executive chairman and will direct the company's "creative endeavors, while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract."

Chapek was most recently chairman of Disney Parks, Experiences and Products.

Iger will remain chairman through the end of his contract Dec. 31, 2021.

“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.

"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,” he added.

Chapek will be just the seventh CEO in Disney's nearly 100-year history. He is a 1981 graduate of Indiana University.

Filed under: