By Kimberly Chin 

Walt Disney Co. said Bob Iger is stepping aside as the company's longtime chief executive, effective immediately, to be succeeded by the company's head of parks.

The promotion of Bob Chapek ends the company's search to replace Mr. Iger, whose planned retirement has been extended by years.

Mr. Iger is leaving Disney after the company recorded one of the biggest box-office years in movie history and the successful launch of the Disney+ streaming service. The company's stock was trading near all-time highs until a recent selloff, driven in part because of fears about the impact from the coronavirus.

Dealing with the fallout from the coronavirus, which temporarily closed Disneyland in Shanghai, will be one of the challenges facing Mr. Chapek, who has run the company's parks since 2015. He also will have to deal with an evolving video-streaming market, struggles at the company's ESPN network, the further integration of Fox studios and replacing a legendary CEO in Mr. Iger.

Under Mr. Iger, Disney further established itself as an entertainment giant housing Hollywood's most successful film studio, the world's biggest theme parks, and some of the biggest cable and broadcast networks. Mr. Iger built on that business, under his tenure, by spearheading the acquisitions of Pixar Animation, Marvel Studios, Lucasfilm Ltd. and the entertainment assets of 21st Century Fox.

Mr. Iger assumes the role of executive chairman and will direct the company's creative endeavors, through the end of his contract on Dec. 31, 2021.

Mr. Chapek will report to Mr. Iger and become a board member at a later date, Disney said.

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

February 25, 2020 17:08 ET (22:08 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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