Bob Iger has stepped down as CEO of the Walt Disney Company in Tuesday 25th February 2020 as Bob Chapek replaces him.
Bob Iger who had been the CEO of Walt Disney Company since 2005 to 2020. During in time as CEO Iger oversaw the acquisitions of Pixar in 2006 for $7.4 billion, Marvel Entertainment in 2009 for $4 billion, Lucasfilm in 2012 for $4.06 billion, and 21st Century Fox in 2019 for $71.3 billion.
Under Iger, Disney has experienced increases in revenue across its various divisions, with the company’s market capitalization value increasing from $48.4 billion to $257 billion over a period of thirteen years.
Bob Chapek before becoming the new CEO on Tuesday 25th February 2020 was Chairman of Disney Parks, Experiences and Products.
Iger will continue to serve as Executive Chairman on Disney’s Board of Directors until December 2021.
“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 said in statement.
Iger said he has the “utmost confidence” in Chapek and looks forward to “working closely with him over the next 22 months as he assumes this new role.”
Under Iger Disney had a record-breaking 2019, garnering more than $13 billion at the box office and producing eight of the 10 top-grossing films in the United States. It is however anticipated that the new CEO will increase the numbers.