Disney has officially announced via TheHollywoodReporter that Bob Iger will be exiting his position as CEO at The Walt Disney Company and Bob Chapek will be replacing him. 

Iger will assume the role of executive chairman until his contract is up on December 31st, 2021. 

In a seismic move, 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’s new contract begins on Feb. 24 and ends on Feb. 28, 2023, with his annual base salary increasing to $2,500,000. 

Bob Iger also made a statement supporting Chapek’s promotion. 

IGER: “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.”

SOURCE: DISNEY

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