The Walt Disney Company has solidified the future of Chairman and CEO Bob Iger with the announcement that his successor at the company will take over effective immediately.

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According to multiple reports, Disney announced that former chairman of Disney Parks, Experiences and Products Bob Chapek has been named Chief Executive Officer of the company. The move means that longtime Chairman and CEO Bob Iger will take on the role of Executive Chairman where he will continue to direct the company’s creative endeavors as well as lead the board.

Iger issued a statement regarding the news saying; “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,” he said. “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.”

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New CEO Bob Chapek chimed in stating; “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.”

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