HOLLYWOOD, CALIFORNIA - JANUARY 27: Robert Iger attends the 92nd Oscars Nominees Luncheon on January 27, 2020 in Hollywood, California. (Photo by Kevin Winter/Getty Images)

Today there was some big news in the world of Disney: Bob Iger will step down as the company’s CEO, effective immediately. He will still play a role in the company, becoming an executive chairman. Iger has been with the company since 2005. Taking over the CEO role will be Bob Chapek. Chapek most recently served as chairman of Disney parks, experiences and products,  according to CNBC.

Iger had been planning on stepping down for a while. CNBC adds that he was once quoted saying, “2021 will be the time for me to finally step down.” They add that he’s pushed back his retirement several times in recent years. “Iger said he decided to step down now because he wanted to focus on the creative side now that major projects like the Fox merger and launch of Disney+ were behind him.” Iger confirms this by saying, “With everything else falling into place, the time seemed right.”

AS CEO, Iger was part of adding Lucasfilm, Marvel and Pixar to Disney, and more recently, the acquisition of Fox’s entertainment business. As mentioned, he also launched the Disney+ streaming service.

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