Walt Disney said, “We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths.”

On February 25, 2020, The Walt Disney Company announced thateffective immediately Bob Igerwould step down from his positionat Disney as CEO. Iger had beenChairman of Disney for the past 15 years and under his guidance, the company’s popularity surged with acquisitions of big named franchises and studios such as Pixar, “Star Wars” and Marvel Entertainment. His career climaxed last year when the company created Disney+, a streaming service torival ones such as Netflix, and inits multi-billion dollar purchase of Twenty-First Century Fox.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Foxwell underway, I believe this is the optimal time to transition to a new CEO,” Iger said.

The Disney Board of Directors announced that Bob Chapek would succeed Iger following hisannouncement. Chapek has been a long time Senior Executive and held the position of Chairman of Disney Parks, Experiences and Products.

“He understands the business from an international perspective, an operating perspective, the development side and froma business perspective,” Bill Coan, Chief Executive of ItecEntertainment, a developer of theme park attractions and aformer Walt Disney Imagineering employee, said. “It’s been his job to take the Pixar brand, the Marvel brand and the ‘Star Wars’ brand and make it function across all these businesses and we think he’s been very successful at that.”

Iger will assume the role ofExecutive Chairman of The Walt Disney Company until his contract expires in 2021 and will be making sure there is a smooth transition between him and Chapek.

Iger has enjoyed a long career with Disney dating back  Disney’s acquisition of the ABC Group in 1996 when Iger was Chairman. Iger began his career with ABC in 1974.

“I’ve been with the company for 45 years and was in the CEO job for 15 of those years,” Iger said. “It’s been a fun run.”

Chapek is looking forward to his new career path within The Walt Disney Company,following in Iger’s footsteps.

“I am incredibly honored andhumbled to assume the role ofCEO of what I truly believe is thegreatest company in the world,”Chapek said. “Bob Iger has builtDisney 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.”