Bob Iger is OUT as CEO of Disney as company taps executive Robert Chapek to replace him

Disney CEO Bob Iger has been abruptly replaced as the head of the iconic company.

The company announced on Tuesday after the close of trading that Iger would be stepping down as CEO and appointed executive chairman, effective immediately. 

Robert Chapek, previously Disney’s chairman of parks, experiences and products will take over as CEO.

Iger’s latest contract had been extended through 2021, and his departure came as a surprise to those who follow the company. 

Iger, 69, had been CEO of Disney since 2005, and oversaw the acquisitions of Marvel, Pixar and LucasFilms, three massive and ultimately highly lucrative purchases for the company.  

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

‘Did not see this coming — Wowza,’ tweeted LightShed media analyst Rich Greenfield. 

Iger said it was an ‘optimal time’ for him to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of Disney Plus streaming service in November.

Chapek, 60, is only the seventh CEO in Disney history. Chapek was head of the parks, experiences and products division since it was created in 2018. 

Robert Chapek, previously Disney’s chairman of parks, experiences and products will take over as CEO

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.

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

Developing story, more to follow.