Bob Iger Has Stepped Down as the CEO of Disney

After about 15 years Bob Iger’s reign as CEO of Disney has come to an end. Earlier today, The Walt Disney Company announced on their website that Bob Iger is officially stepping down as CEO of the company and will be assuming the role of executive chairman temporarily before he eventually retires.

Iger was initially supposed to retire in 2018 but was extended to 2019 when Disney was having trouble finding a suitable successor. During his extension, Iger oversaw the purchase of 20th Century Fox and launched Disney’s streaming platform, Disney+. Iger’s contract was then extended again to run through 2021 which is why the sudden announcement of his stepping down comes as a huge surprise.

Bob Iger (left), Bob Chapek (right). Image via Variety.

As the executive chairman, Iger will be helping newly appointed CEO Bob Chapek get comfortable with the role. Previously, Chapek served as the chairman of Disney parks, experiences and products. Former House of Mouse CEO Bob Iger (damn, it feels weird writing that) said the following:

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. 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.

Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.

According to THR, Bob Chapek’s contract runs through 2023 and carries with it a $2.5 million salary.

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