BREAKING NEWS: Iger is Out and Chapek Is In As CEO After Sudden Announcement
In a sudden announcement that has shocked the Disney-sphere, Bob Chapek will be taking over the role of the Chief Executive Officer at the Walt Disney Company effective immediately after Bob Iger’s sudden departure.
Here’s the official tweet from The Walt Disney Company:
Bob Chapek Named Chief Executive Officer of The Walt Disney Company: https://t.co/xFo0sOkgd7 pic.twitter.com/UEfko17bTh
— The Walt Disney Company (@WaltDisneyCo) February 25, 2020
However, Iger isn’t stepping away from the company completely, he will assume the role of Executive Chairman until the end of next year. The surprise announcement was made during a Board of Directors meeting today (February 25th) and the shift will go into place effective immediately.
Photo: Masterclass
Chapek is stepping up from his role as Chairman of Disney Parks, Experiences and Products. However, it is believed that while Chapek transitions to his new role, Iger will still direct the Company’s creative endeavours while leading the Board of Directors. Iger has agreed to continue on in this role until December 31, 2021.
Iger said of the transition, “With the successful launch of Disney’s direct-to-consumer businesses and the integration of 21st Century Fox underway, I believe this is the optimal time to transition to a new CEO.” He went on to add, “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes the new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavours.”
Bob Chapek
Mr Iger went on to say, “Bob will be the seventh CEO in Disney’s nearly 100-year history and has proven himself exceptionally qualified to lead the 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. His successes over the past 27 years reflect his visionary leadership and strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio.”
Chapek had this to say about his new position, “I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world and to lead our exceptionally talented and dedicated cast members and employees.”
In Mr Chapek’s new role as CEO, he will directly oversee all of the Company’s business segments and corporate functions. Mr Chapek will report to the Executive Chairman, Mr Iger, and the Board of Directors. He will be appointed to the Board at a later date. A new head of Disney Parks, Experiences and Products will be named at a future time.
Mr. Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018, and prior to that was Chairman of Walt Disney Parks and Resorts since 2015. As Chairman of Disney Parks, Experiences and Products, Mr. Chapek oversaw the Company’s largest business segment, with operations around the globe and more than 170,000 employees worldwide. The segment includes Disney’s iconic travel and leisure businesses, encompassing six resort destinations in the United States, Europe and Asia, a top-rated cruise line, a popular vacation ownership program, and an award-winning guided family adventure business. Disney’s global consumer products operations include the world’s leading licensing business across toys, apparel, home goods, digital games and apps, the world’s largest children’s print publisher, Disney store locations around the world, and the shopDisney e-commerce platform.
Star Wars: Galaxy’s Edge at Disneyland Park in Anaheim, California, lights up with galactic fanfare, May 29, 2019, as (l-r) Star Wars creator George Lucas, actors Billy Dee Williams, Mark Hamill, Walt Disney Company Chairman and CEO Bob Iger and actor Harrison Ford celebrate the opening Disney’s largest single-themed land expansion ever. Star Wars: Galaxy’s Edge opens May 31, 2019, at Disneyland Resort in California and Aug. 29, 2019, at Walt Disney World Resort in Florida. (Richard Harbaugh/Disneyland Resort)
So Why The Swift Departure?
Anyone following along with The Walt Disney Company knows that Iger has been vocal about his desire to retire in 2021. Therefore, insiders aren’t surprised at Iger’s retirement but rather the fact that it’s happening a year ahead of schedule. According to a recent piece on CNBC, Iger addressed his timing of the announcement saying that he decided to step down now because he wanted to focus on the creative side of the company now that Disney+ and the merger with Fox done. “With everything else falling into place, the time seemed right,” Iger said.
Disney is conducting an investor conference call at approximately 4:30 p.m. EST / 1:30p.m. PST today, Tuesday, February 25, 2020. To listen to the live webcast, please visit www.disney.com/investors. The webcast presentation will be archived.
In addition, Iger will be on CNBC to discuss his succession with Julia Boorstin at 5:30 p.m. Eastern Time.
New surrounding this Walt Disney Company shake-up is coming in thick and fast. Keep following along with MickeyBlog and we promise to keep you posted!
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