Disney has announced that Bob Iger will step down as the Chief Executive Officer and will assume the role of the executive chairman and Bob Chapek will assume the CEO's role which is effective immediately.
Chapek previously served as the chairman of Disney parks, experiences, and products. He will continue to report to Iger and will be appointed to the board of directors at a later date. Iger said the reporting structure is to ensure a safe transition. The company said that he will remain as the executive chairman till 2021. The announcement on Tuesday came as a surprise as Iger has pushed his retirement several times previously.
Hours after the retirement from the role was announced by Disney, the shares fell by 2.5%. Iger has been the Disney CEO since 2005.
Who is Bob Chapek?
Chapek, who will be the seventh CEO in the company's nearly 100-year history, has been employed by Disney for nearly three decades. As the new CEO, he will be handling Disney, Pixar, Star Wars, ESPN and Marvel. Chapek's new contract began from February 24 and will last till February 28, 2023.
Chapek has been an integral part of changing the company's guest and consumer experience. He has worked on building Disney's travel and leisure businesses in the past few years during his tenure as the chairman of Disney parks, experiences, and products. He has also guided several other projects. Chapek is credited for increasing the Marvel-inspired attraction across the globe.
Chapek also worked on several internal aspects such as career development, education, health care, child care, military appreciation and diversity, and inclusion. He is also a part of the Make a Wish Foundation. Prior to working with Disney, he worked with brand management at the H.J. Heinz Company.
Iger was a public favorite
Iger, who had built up the Disney brand that is today with frequent acquisitions, including animation studio Pixar in 2006, Marvel in 2009, and "Star Wars" franchise owner Lucasfilm in 2012, hit the final and biggest bet in the purchase of 21st Century Fox, a deal that was instrumental in launching Disney+.
He is behind changing Disney into the media powerhouse that it is today. He decided to step down from his position because he wanted to focus on the creative side since projects like Disney+ are behind him.
People have been reacting to the transition calling out what Bob Chapek has done to ruin the Disney experience. The netizens quoted some issues with Chapek's customer experience measures.
