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February 25, 2020 09:45 pm

Disney CEO Bob Iger Steps Down, Capping His Career With Disney Plus' Epic Launch

Disney CEO Bob Iger stepped down as CEO today, effective immediately. "Iger -- who spent his entire career at the company and will leave with Disney's titanic transition to streaming with Disney Plus as the legacy capping his tenure -- will remain chairman of the Walt Disney Company until the end of next year, and Disney's head of parks, Bob Chapek, is now CEO," reports CNET. From the report: "With the successful launch of Disney's direct-to-consumer businesses and the integration of 21st Century Fox well under way, I believe this is the optimal time to transition to a new CEO," Iger said in a statement. "I have the utmost confidence in Bob [Chapek] and look forward to working closely with him over the next 22 months." During his 15-year tenure as Disney CEO, Iger secured the $7.4 billion acquisition of Pixar from Apple CEO Steve Jobs in 2006, as well as the $4 billion acquisition of Marvel in 2009 and the $4 billion purchase of Star Wars studio Lucasfilm in 2012. He oversaw the launch of streaming service Disney Plus at the end of last year, which signed up 28.6 million subscribers in less than three months. Disney also owns streaming services Hulu and ESPN Plus as part of its direct-to-consumer business. Iger was named Time's business person of the year for 2019.

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