The Walt Disney Company announced the appointment of Bob Chapek as chief executive officer.

Robert Iger, who previously held the position, will serve in the role of executive chairman and direct the company’s creative endeavors up until his contract’s end on December 31, 2021. Chapek most recently served as chairman of Disney Parks, Experiences and Products. Chapek will report jointly to Iger and the company’s Board of Directors.

Iger stated, “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. 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.”

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