Those who would keep track of recent developments in the mighty entertainment umbrella of The Walt Disney Company would agree that many of its notable power moves in the last two decades were carried out under the oversight of its executive chairman and CEO Bob Iger, who has been at the post since the previous decade. Opening new theme parks around the world and acquiring major media producers Marvel, Lucasfilm and 20th Century Fox have been the highlights of Iger’s illustrious career as Disney boss. But all good things come to an end, such as Iger beginning is eventual departure.

Tech Crunch reports that Bob Iger has officially stepped down as CEO of Disney this past Tuesday, February 25. In his place, Chairman Bob Chapek from Disney Parks, Experiences and Products will step up as the new chief executive officer of the multimedia giant. The handover was announced by the Disney Board of Directors, with Iger taking the position of executive chairman only until his employment contract expires next year. The long-time Disney boss believed he was in a good time to hand over his duties and responsibilities after weathering the business of acquiring the 20th Century Fox film studio and launching streaming service Disney+.

Plans for Iger to depart the company he has led since 2005 were already being formed as early as April of 2019, just a month after finalizing the Fox asset acquisition. And in shifting from full CEO to creative chairman in his roughly last year with Disney, Iger hopes to be able to focus less on the corporate facet and more on the creative processes of the House of Mouse, especially with its new digital streaming platform and added studio subsidiary. “Getting everything right creatively would be my number one goal,” he explains in interview.

Bob Iger’s replacement Bob Chapek, will be the seventh CEO of the storied Disney Company, and the fifth who is not part of Walt Disney’s family. Iger believes that the visionary leadership style brought to bear by Chapek while heading Disney Parks will be just the thing to keep moving the company forward into the future. And with the strategic gains readied for him by Iger during his 15-year CEO tenure, Chapek is in position to keep asserting Disney dominance in the global entertainment industry. With Chapek’s experience including the development and opening of Shanghai Disney Resort, he will be no slouch in leading either.

Imager courtesy of Variety