Disney names Bob Chapek next CEO

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Bob Iger will step down as Disney CEO and assume the role of executive chairman, Disney announced on Tuesday.

Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, effective immediately, Disney announced.

Shares of Disney fell about 2.5% after hours.

Iger will remain executive chairman of Disney through the end of 2021, according to the company. Iger has been instrumental in making Disney a significant player in the streaming space with the launch of Disney+. The streaming service said it had 26.5 million paying subscribers during the first quarter of 2020 after launching in November.

“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,” Iger said in a statement.

Iger will be on CNBC to discuss his succession with Julia Boorstin at 5:30 p.m. Eastern Time.

This story is developing. Check back for updates.

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