According to a press release by Business Wire, Iger will assume the role of executive chairman "while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021."
In a Tuesday statement, Iger acknowledged his resignation from the CEO position: “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. 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.”
Chapek also expressed his honor at assuming the CEO role.
"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. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking," Chapek said.
According to Susan Arnold, the independent lead director of the Disney board, board members unanimously chose Chapek as the next CEO after considering multiple internal and external candidates.
In his new role, Chapek will be responsible for overseeing the company's "business segments and corporate functions."