Bob Iger, has exited as CEO for The Walt Disney Company. The announcement was made by the company earlier this week. Post his exit as the CEO, Bob Iger will assume the role of Executive Chairman and will direct the Company’s creative endeavors, while leading the Board and providing leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021.
He will be succeeded by Bob Chapek who has most recently served as Chairman of Disney Parks, Experiences and Products. In his new role as CEO, Bob Chapek will directly oversee all of the Company’s business segments and corporate functions. He will report to the Executive Chairman, Bob Iger, and the Board of Directors. Bob Chapek, has served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018, and prior to that was Chairman of Walt Disney Parks and Resorts since 2015.
Disney Parks, Experiences and Products has been Disney’s largest business segment, with operations around the globe and more than 170,000 employees worldwide. Chapek oversaw the opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; the addition of numerous guest offerings across Disney’s six resort destinations in the U.S., Europe and Asia, including the creation of the new Star Wars: Galaxy’s Edge lands at Disneyland and Walt Disney World and the addition of Marvel-inspired attractions around the globe.
In his statement on the transition – Bob Iger said – “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, ” he 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.”
Bob Chapek will be the seventh CEO in Disney’s nearly 100-year history. In his statement he 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, and to lead our exceptionally talented and dedicated cast members and employees,” he added “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. 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.”
The company has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates unanimously elected Bob Chapek as the next CEO of The Walt Disney Company. As per the company statement, Bob Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the Company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.
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