Walt Disney Co DIS announced Tuesday that Bob Chapek has been named the CEO of the company, effective immediately.
Chapek most recently served as chairman of Disney Parks, experiences and products. He will directly oversee all of the company's business segments and corporate functions and report to Bob Iger, who assumes the role of executive chairman and directing the company's creative endeavors through the end of his contract on Dec. 31, 2021.
"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," Iger said in a statement. "I have the utmost confidence in Bob and look forward to working closely with him over 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."
Iger succeeded Michael Eisner as Disney CEO in 2005 and has overseen massive growth of the company ever since. Most notably, he oversaw the company's multibillion-dollar acquisitions of LucasFilms and the Marvel franchise.
Disney shares were trading down about 3% in Tuesday's after-hours session. The stock has a 52-week range between $153.40 and $107.32.
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