Bob Iger, who has been CEO of Disney, has stepped down with immediate effect as of Tuesday this week. He will now be assuming the role of executive chairman.

Disney also announced that Bob Chapek will be taking on the role of CEO. Chapek was previously chairman of Disney parks, and will report to Iger until he is appointed to the board of directors.

The news will not be a major shock to those who have followed Iger, as he said at Disney’s investor day last year that ‘2021 will be the time for me to finally step down’. As such, his position as executive chairman through the end of 2021 has been planned, as has the CEO reporting structure with Chapek.

Iger has been CEO of Disney since 2005, and he has delayed his retirement a number of times in recent years. He told investors that he decided to step down now so he can focus more on the creative side now that the Fox merger and launch of Disney+ had been done.

Iger leaves behind a legacy with powerful achievements, such as taking on the $71 billion acquisition of Fox’s entertainment business for streaming service Disney+ and acquiring both Lucasfilm and Marvel Entertainment for around $4 billion each. Earlier, he took on Pixar Animation Studios for $7.4 billion.

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