One of the oldest leaders at Walt Disney Company, Bob Iger has decided to step down from his role of CEO, effective immediately. Iger shared that with the successful launch of Disney's direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, he believes this is the optimal time to transition to a new CEO.

The company has elevated its Chairman of Disney Parks, Experiences and Products, Bob Chapek as CEO.

With "utmost confidence" in Chapek, Iger looks forward to working closely with him over the next 22 months as he takes on this new role. They will work together and ensure a smooth transition.

Excited for his new role, Chapek said, "I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world."

"Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team," he added.

The news of this leadership change and Disney has come as a shock to the industry and many believe it to be extremely sudden.

End of an era for Disney

Iger has been associated with the company for the longest of time and has played a crucial role in its growth. He had ucceeded Michael Eisner as CEO in 2005. During his tenure, he oversaw the acquisition of Marvel Studios, Pixar, and Lucasfilm, all of which produced films that shattered box office records. It was under his leadership that 21st Century Fox came into Disney's fold, resulting in a new roster of intellectual property for the nearly 100-year-old company.

He was also part of the launch of Galaxy's Edge at Disneyland and at Walt Disney World to incredible fanfare in 2019. And one of his last acts as CEO included the launch of Disney+, a streaming service with exclusive programs to compete with companies like Netflix and Amazon Prime.

The good news for Disney is that while he has made way for a new CEO, he will continue to play a key role for the company as Executive Chairman. In this new role Iger feels he would be able to spend more time on the "creative side" of the company. Let's see what new innovations the Walt Disney Company introduces and how with latest leadership changes it continues to be one of the world's leading producers and providers of entertainment and information.

Image Credits: Daily US times