Disney CEO Bob Iger steps down, Bob Chapek named new head
NEW YORK — Disney CEO Bob Iger, who steered the company through successful purchases of Star Wars, Marvel and Fox's entertainment businesses, is stepping down immediately, the company said in a surprise announcement Tuesday.
The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney Parks, Experiences and Products.
Iger will remain executive chairman through the end of his contract Dec. 31, 2021.
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.
READ MORE: Disney closes $71 billion deal for Fox entertainment assets
"Did not see this coming — Wowza," tweeted LightShed media analyst Rich Greenfield.
Iger became chief executive of the home of Mickey Mouse in 2005 after a shareholder revolt by Roy E. Disney led to the ouster of longtime chief Michael Eisner. Iger steered Disney through successful acquisitions of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney.
He was the No. 2 highest paid CEO in 2018, as calculated by The Associated Press and Equilar, an executive data firm. He earned $65.6 million. The top earner was Discovery's David Zaslav who earned $129.5 million.
Susan Arnold, the independent lead director of the Disney board said succession planning had been ongoing for several years.
Chapek is only the seventh CEO in Disney history.
Chapek was head of the parks, experiences and products division since it was created in 2018. 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.
Support Canvas
Sustain our coverage of culture, arts and literature.
The holiday, which serves as a nationwide communal event reinforcing self-determination and unity in the face of oppression, spans seven…
The Library of Congress announced the 25 films that made it into this year's National Film Registry. The registry, started…
Zakir Hussain, one of India's most accomplished classical musicians who defied genres and introduced tabla to global audiences, died on…
The newest world chess champion is also the youngest ever to claim the title. Eighteen-year-old Gukesh Dommaraju, who defeated defending…
She has painted portraits of Michelle Obama and Breonna Taylor. But much of Amy Sherald's work is about filling in…
The animated PBS Kids series, "Xavier Riddle and the Secret Museum," follows Xavier as he, his sister and friend meet…
Bryan Stevenson, the prominent lawyer and executive director of the Equal Justice Initiative, has blazed a trail representing the poor,…
Longtime court sketch artist Bill Hennessy, who captured history with his sketchbook for more than 40 years died on Monday…
Nikki Giovanni, a fierce and lyrical voice of the Black experience, has died. Giovanni's work illuminated love, liberation and the…
Author of more than 25 books, Giovanni was a born confessor and performer whom fans came to know her well…
A tried and true program in East L.A. helps former gang members, drug users and those leaving incarceration build a…
The nominations for Globes, which will be televised by CBS and streamed on Paramount+ on Jan. 5, were announced on…
After more than 150 shows across five continents over nearly two years, the global phenomenon that is Taylor Swift's Eras…
"Polarization means division, but it's a very specific kind of division," said Peter Sokolowski, Merriam-Webster's editor at large, in an…
In 1958, when John Cruitt's mother died, his third-grade teacher made a small gesture of kindness that meant a great…