NEW YORK (AP) — Disney has named Bob Chapek CEO, replacing Bob Iger, effective immediately.
The surprise announcement Tuesday makes Iger executive chairman.
Chapek was most recently chairman of Disney Parks, Experiences and Products.
Iger will remain chairman through the end of his contract Dec. 31, 2021.
Iger says it was an "optimal time" for him to step down following Disney's acquisition of Fox's entertainment assets and the launch of Disney Plus streaming service in November.
Chapek is only the seventh CEO in Disney history.
