Bob Iger has stepped down as CEO of the Walt Disney Company (DIS). The position is being filled by Bob Chapek, who recently served as chairman of Disney Parks, Experiences and Products.

Iger has assumed the role executive chairman, directing Disney’s creative activities, a position he will maintain until his contract ends on December 31, 2021.

In a statement about the announcement, Iger commented: “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.”

Bob Iger added that he had the “upmost confidence” in Chapek and looks forward to “working closely with him over the next 22 months as he assumes this new role.”

Chapek said: “I am incredibly honoured and humbled to assume the role of CEO of what I truly believe is the greatest company in the world.

“Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team,” Chapek added.

ob Iger is one of the most respected and credible CEOs in the United States. He took over from Michael Eisner as Walt Disney Company CEO in 2005. During his 15 years of leadership, Iger oversaw the acquisition of Pixar, Marvel Studios and Lucasfilm, procurements that lead to the production of box office record-breaking films. Iger’s tenure also involved 21st Century Fox coming into Disney’s fold, a move which resulted in the company acquiring a new roster of intellectual property.

Last year, Iger unveiled Galaxy’s Edge at Disneyland and Walt Disney World. Though in what’s described as being one of the most important achievements of his tenue, was the launch of Disney+, a streaming service that broadcast exclusive programs, rivalling Netflix.

Iger said he’s stepping down as CEO so he can concentrate on the more creative side of the business.

“I’ve been with the company for 45 years, and was in the CEO job for 15 of those years. It’s been a fun run,” said Bob Iger.

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