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Disney names Chapek as new CEO

Bob Iger has warned that Disney linear nets need to pull their weight

Bob Iger’s successor as CEO of The Walt Disney Company has been named as Bob Chapek, with Iger steping aside to become executive chairman.

Chapek, chairman of Disney parks, experiences and products, has taken the reins of the world’s most valuable media brand with immediate effect, ending years of speculation about who would succeed Iger.

Iger will now direct the company’s creative output, 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 December 31, 2021,” the company said.

Bob Chapek

Iger took over the Mouse House in 2005 and has since overseen ambitious growth through mergers and acquisitions, as well as the recent launch of streaming service Disney+.

Disney acquired Pixar in 2006, Marvel in 2009, Lucasfilm and the Star Wars properties that go with it in 2012 – deals that have helped fuel the media giant’s prolific output in recent years.

Chapek, who has been at the Mouse House since 1993, will now oversee all of the company’s business segments and corporate functions and report to Iger and the board of directors. He will be appointed to the board at a later date. A new head of Disney parks, experiences and products is yet to be named.

Chapek has held his current role since the parks, experiences and products unit was created in 2018 and prior to that had been chairman of Walt Disney parks and resorts since 2015.

Parks, experiences and products is Disney’s largest business segment, with operations around the globe and more than 170,000 employees.

Chapek has previously served as president of distribution for The Walt Disney Studios and was responsible for overseeing the studios’ overall content distribution strategy across multiple platforms, including theatrical exhibition, home entertainment, pay TV, digital entertainment and new media.

Before joining Disney in 1993, Chapek worked in brand management at HJ Heinz Company and in advertising at J Walter Thompson.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of 21st Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said.

“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 endeavours.”

Iger added: “Bob will be the seventh CEO in Disney’s nearly 100-year history and he has proven himself exceptionally qualified to lead the company into its next century.”

Chapek said: “I am incredibly honoured and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees. 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.”

Susan Arnold, independent lead director of the Disney board, said: “The board has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates we unanimously elected Bob Chapek as the next CEO of The Walt Disney Company.

“Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.”

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