Disney Names Bob Chapek as Next CEO of Disney

Bob Chapek, formerly the head of Disney’s parks division, has been named the new CEO of Disney. He will replace Bob Iger in the role. The announcement was made today, February 25, and Chapek will be CEO effective immediately.

“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,” Mr. Chapek said. “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.”

Iger will continue to serve as Disney chairman until his contract ends in December 2021 and will continue to work with Disney’s creative team. Iger has been instrumental in some of Disney’s growth as a media giant, including taking the lead in launching Disney+ and key deals including the Fox Entertainment acquisition for $71 billion.

“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,” Mr. Iger said. “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.”

Mr. Iger added: “Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”

Chapek will “directly oversee all of the Company’s business segments and corporate functions,” Disney said in a statement. He will report to Iger, as well as the Board of Directors.

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