Disney has announced today that Bob Chapek will take up the role of Chief Executive Officer of the Walt Disney company. He was formerly the chairman of Disney parks, experiences, and products. Bob Iger will step down and take on the role of Executive Chairman and is expected to remain in the role until the end of 2021. However, Chapek will continue to report to Bob Iger and will be appointed to the board of directors.

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After the announcement, Disney shares fell 2.5%, which Iger responded in an interview,  “We’re not concerned at all about creating any confusion. With everything else falling into place, the time seemed right. 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 has been a major key in the success of Disney this far, with Disney+, Marvel, Star Wars, and Fox under his belt.

Chapek recently told investors that he has had exposure to media and consumers, which he previously hadn’t had. “While I certainly have an opportunity to immerse myself more inside those media businesses, I have a bit of fluency, just like my peers have some fluency in our business. That’s my sweet spot, and that is something I could leverage now throughout all my experiences not only at Disney, but even before Disney, in terms of figuring how we take the data, the information, the technology, and once again our storytelling, right direct to the consumer so that we can take all the great equities we have and continue to build those for our shareholders.”

He told interviewers that he plans to carry Igers vision, directly focusing on Disney+. “Right now the course that Bob has laid is one that we fully intend to follow and I think will pay dividends to shareholders for years to come.” Chapek responded.

The story is still underway, so check back for updates.

Source: CNBC