Walt Disney’s Robert Iger will step down as CEO, handing the helm to Disney Parks head Bob Chapek, the corporate stated Tuesday, ending years of speculation on who will take over Hollywood’s strongest studio.
Iger is still holding a significant role at the firm. He’ll take the post of the executive chair and direct the company’s creative projects till his contract ends on December 31, 2021, Disney stated.
Chapek, who will be the seventh chief executive officer in the firm’s almost 100-year history, has most recently served as the chairperson of Disney Parks, Experiences and Merchandise.
Analysts on the call questioned if Chapek had adequate experience in the leisure enterprise. The former staff expressed surprise that Kevin Mayer, chair of Direct-to-Consumer and International, was not selected to the top job, especially after the launch of the Disney+ streaming service, which drew 10 million subscriptions in its first day.
In Chapek’s new position, which is effective immediately, the corporation stated he’ll manage all of Disney’s business segments and company duties.
As chair of Disney theme parks unit, Chapek managed Disney’s largest enterprise segment, along with the launching of Disney’s first theme park and resort in mainland China and the creation of the new Star Wars: Galaxy’s Edge lands at Disneyland and Walt Disney World. He joined Disney in 1993.
Disney’s shares, which ended the day down 3.6%, dropped an additional 2.2% after the markets closed.