Published on Wednesday, February 26, 2020

Parks chief named as new Disney CEO

There is a change at the top at the Walt Disney Co.

Disney CEO Bob Iger has stepped down with immediate effect and is replaced by parks chief Bob Chapek.

Although the change was expected, the timing was a surprise.

Iger will stay on as executive chairman through 2021 when his current contract expires.

Chapek is a Disney veteran and was head of the parks, experiences and products division.

He had been chairman of Walt Disney Parks and Resorts since 2015, and also served as Disney Consumer Products chief.

Chapek oversaw the opening of the company's first park in mainland China and the rollout of the 'Star Wars: Galaxy's Edge' attractions at US parks.

Chapek becomes only the seventh CEO in Disney's history.

According to Susan Arnold, independent lead director on the Disney board, the succession planning has been years in the making.

Iger said it is an 'optimal time' to step down and take a back seat.

He stays on until 2021 to head up the company's 'creative endeavors.'

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