Beloved Chief Executive Officer of Disney Bob Iger has chosen to step down from the CEO title and stay on as executive chairman until December of 2021. Although Iger just announced this shocking news on Tuesday, Feb 25, it is said that Iger had been planning this for a while. Iger says this change is immediate. Disney has declined to comment anything on this topic. Bob Chapek, who has been working for Disney for over 27 years, will take over as the new CEO. An article by Reuters says, “Chapek ran the Theme Parks and Consumer Products divisions, and was head of distribution at Studio Entertainment,” in the recent years. People are questioning his ability as CEO, but it is to early to tell.

Iger was making around$ 65.7 million a year as CEO of Disney, ranking him as the second-most paid CEO in 2018. An article written by NBC News states, “Iger, who turned 69 this month, was instrumental in guiding Disney into the streaming age.” Iger helped shape the media industry into what it is today. Iger says he can now focus on the creative side of Disney, something he could not do as the CEO.