The Walt Disney Company has a new CEO. Bob Iger has stepped down as Disney CEO, effective immediately. Disney Parks chief Bob Chapek has been named by the conglomerate as the next CEO and will succeed Iger immediately.

The Hollywood Reporter broke the news that Iger has stepped down from his role as Disney CEO, and the House of Mouse has named Bob Chapek as his immediate successor. Iger will assume the role of executive chairman and will lead the board until his contract ends on December 31, 2021.

“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,” Iger stated.

Iger added, “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.”

Iger steps down as CEO after 15 years in the role, having succeeded Michael Eisner in 2005. Chapek, who most recently served as chairman of Disney parks, experiences and products, will begin his new contract as Disney CEO on February 24 with his annual base salary increasing to $2,500,000, THR reports. Chapek’s contract to serve as CEO expires in 2023.

CNBC reports that following the news of Chapek’s succession of Iger, shares of Disney fell about 2.5% after hours.

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