Disney CEO Bob Iger, who steered the company through successful purchases of Star Wars, Marvel and Fox's entertainment businesses, is stepping down immediately, the company said in a surprise announcement Tuesday.
The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney Parks, Experiences and Products.
Iger will remain executive chairman through the end of his contract Dec. 31, 2021.
Iger said it was an "optimal time" for him to step down following Disney's acquisition of Fox's entertainment assets and the launch of Disney Plus streaming service in November.
"Did not see this coming — Wowza," tweeted LightShed media analyst Rich Greenfield.
Iger became chief executive of the home of Mickey Mouse in 2005 after a shareholder revolt by Roy E. Disney led to the ouster of longtime chief Michael Eisner. Iger steered Disney through successful acquisitions of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney.
He was the No. 2 highest paid CEO in 2018, as calculated by The Associated Press and Equilar, an executive data firm. He earned $65.6 million. The top earner was Discovery's David Zaslav who earned $129.5 million.
Susan Arnold, the independent lead director of the Disney board said succession planning had been ongoing for several years.
Chapek is only the seventh CEO in Disney history.
Chapek was head of the parks, experiences and products division since it was created in 2018. Before that, he was chairman of Walt Disney Parks and Resorts since 2015. Before that, he was president of the Disney Consumer Products segment from 2011 to 2015.
If you wince at the grocery store checkout, you’re not alone. Wall Street Journal reporter Jesse Newman breaks down why prices are so high – and not going down anytime soon.
An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month. (Getty Images)
Glen Smith, CIO at GDS Wealth Management, shares how investors can allocate their assets as the market broadens and why he’s eyeing June for the first potential rate cut.
After years of price increases for cars and trucks in the United States, costs are slowing and in some cases falling, helping cool overall inflation and giving frustrated Americans more hope of finding an affordable vehicle.
Missed out on the Nvidia wave? Oh course you did — you’re reading this article aren’t you, instead of luxuriating on a white-sand beaches of Bali. But here are at least four other promising semiconductor stocks to add to your portfolio.
Fresh off a successful funding round, co-founder of Lapse Dan Silvertown shares thoughts on regulation, privacy, and why the money for great startups is still out there.
