CEO of Disney, Bob Iger has stunned Hollywood by stepping down from the top spot of the company.
The movie exec plans to remain the company's chairman until his contract expires in December, 2021, but he has said that he will be handing over the top job to Bob Chapek, the chairman of Disney Parks, Experiences, and Products, effective immediately.
Iger said in a statement: "With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO.
"I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the company’s creative endeavors."
Chapek also stated: "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.
Iger was named CEO of Disney in 2005, and Chapek said of its growth: "Bob Iger has built Disney into the most admired and successful media and entertainment company.
"I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking."