On Tuesday, Disney announced that Bob Iger would step down from his CEO position and transition to executive chairman through the remainder of his contract.
Bob Chapek, will be promoted to CEO and was most recently head of Disney Parks. Bob Iger plans to stay on board to make sure the transition goes smoothly.
Although it has been expected for years that Iger would retire at the end of 2021, the announcement today was a surprise. Just last spring Iger said "2021 will be the time for me to finally step down".
Iger said that this was the right time to make the transition with the successful launch of Disney+ and the integration of Fox.
For more information visit CNBC.