Over the past few years, Disney has made some game-changing moves in the industry. It became the proud owner of Star Wars and other big brands following acquisitions of Lucasfilm, Marvel, Pixar, and more recently, the Fox entertainment business. Its theme parks are booming with the recent expansions of Toy Story and Star Wars lands. And late last year, it got into the streaming business with Disney+.
That all happened under the leadership of CEO Bob Iger.
But on February 25, in an unexpected announcement, Disney revealed that Iger is stepping down as CEO. He is being replaced by Bob Chapek, formerly chairman of Disney’s parks, experiences, and products business. Iger will remain as executive chairman through Dec. 31, 2021, when his contract ends. Reports state that he will focus on creative endeavors during that time.
Iger became chief executive of Disney in 2005, replacing longtime chief executive Michael Eisner.