BREAKING NEWS: Bob Chapek to Succeed Bob Iger as CEO of the Disney Company

The Walt Disney Co. named Bob Chapek as its new chief executive officer, succeeding Bob Iger, who will remain chairman of the company

Chapek, who led the theme parks and consumer products businesses, takes over immediately, according a statement Tuesday. Iger will stay and continue to direct the company’s creative endeavors through 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 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.”