The Walt Disney Company Board of Directors announced today that Bob Chapek has been named Chief Executive Officer of The Walt Disney Company.

What’s happening:

  • Effective immediately, Bob Chapek will serve as Chief Executive Officer of the Walt Disney Company.
  • Previously, Chapek has served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018 and was Chairman of Walt Disney Parks and Resorts since 2015.
  • Now-former CEO Bob Iger will assume the role of Executive Chairman and will “direct the Company’s creative endeavors.”
  • The company however did state during a call today that they currently have no intentions of hiring a Chief Creative Officer at the time.
  • He will continue in this role as part of the transitional process until the end of his contract (December 31st, 2021).
  • In Chapek’s new role as CEO, he will directly oversee all of the Company’s business segments and corporate functions.
  • Chapek will report to Iger, and the Board of Directors and will be appointed to the Board at a later date.
  • A new head of Disney Parks, Experiences and Products will be named also at a future time.
  • Following the announcement, both Iger and Chapek spoke with CNBC's Julia Boorstin:

What they’re saying:

  • Bob Iger, Executive Chairman of The Walt Disney Company: “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.”
  • Bob Chapek, new Chief Executive Officer of The Walt Disney Company: “I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees. Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”
  • Susan Arnold, independent Lead Director of the Disney: “The Board has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected Bob Chapek as the next CEO of The Walt Disney Company. Mr. Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the Company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.”