Bob Chapek Named New CEO Of Disney, Bob Iger To Direct Creative Endeavors

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Disney announced Bob Chapek will step in as the new CEO as Bob Iger takes on the role of Executive Chairman.

The change comes Tuesday and is effective immediately, according to a press release by Disney.

“With the successful launch of Disney’s direct-to-consumer businesses and the integrations of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said in the press release. “I have the utmost confidence in Bob and look forward to working closely with him for 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.” (RELATED: Bob Iger Defends Marvel Franchise After Famous Directors Called Them ‘Despicable’)

“Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead this 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.”

Iger will continue to lead the Disney’s creative as head of the executive board. Chapek, former Chairman of Disney Parks, Experiences and Products, takes on the role of Disney’s CEO with 27 years of experience across Disney parks, consumer products and studio businesses.