Disney replaces Bob Iger as CEO effective immediately
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Disney Picks Bob Chapek as Next CEO

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It's the end of an era at The Walt Disney Company.

 

The conglomerate said on Tuesday that it is naming Bob Chapek as its next CEO, succeeding Bob Iger immediately. Iger is assuming the role of executive chairman and will lead the board through his contract's end on Dec. 31, 2021.

 

Chapek, who has been with the company since 1993, has been chairman of Disney Parks, Experiences and Products since 2018. His new contract began on Feb. 24 and ends on Feb. 28, 2023, with his annual base salary increasing to $2.5 million. Chapek, who will become Disney's seventh CEO, will report to Iger and the board of directors.

 

Iger, who joined Disney in 1996, added that he will spend time dealing with all of Disney's creative endeavors, including at Hulu and Disney+. "My goal is that when I leave here [Chapek] will be just as steeped with all matters creative at the company as I am today," Iger said.

 

"Bob, I feel very fortunate to be able to work closely with you during this transition, and I know I will be able to benefit greatly from your wisdom and expertise," Chapek said on the call, adding that he will "embrace the same strategic pillars" that Iger championed.

 

Amid competition from Netflix, Iger prioritized the conglomerate's efforts on its own direct-to-consumer platforms, leading to the acquisition of streaming tech provider BAMTech in 2017 and the launch of the Disney+ platform on Nov. 12 of last year. Since its U.S. debut, Disney+ has picked up 28.6 million paid subscribers. 

 

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85,798 posts
45 minutes ago, media_junkie said:

Iger had a hell of a run.  

Agreed! Not sure it can ever be matched. Unless one day a Disney CEO purchases the Earth.

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1 hour ago, Bosco685 said:

Agreed! Not sure it can ever be matched. Unless one day a Disney CEO purchases the Earth.

Not if Space Force has anything to say about it!

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