Disney CEO Bob Iger steps down in surprise announcement

Disney CEO Bob Iger steps down in surprise announcement
Bob Iger arrives at the Oscars on Sunday, Feb. 9, 2020, at the Dolby Theatre in Los Angeles. (Source: Richard Shotwell/Invision/AP/Invision)

NEW YORK (AP) — Disney has named Bob Chapek CEO, replacing Bob Iger, effective immediately.

Iger will become executive chairman.

Chapek was most recently chairman of Disney Parks, Experiences and Products.

Iger will remain chairman through the end of his contract Dec. 31, 2021.

Iger says it was an “optimal time” for him to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of Disney Plus streaming service in November.

Chapek is only the seventh CEO in Disney history.

Iger became CEO of Disney in 2005, succeeding longtime chief Michael Eisner.

He steered Disney through successful acquisitions of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney.

Copyright 2020 Associated Press. All rights reserved.