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Bob Chapek, chairman of Walt Disney Parks and Experiences, speaks during a media preview of the D23 Expo 2019 in Anaheim, California, USA, on Thursday, August 22, 2019. Walt Disney Co is turning the D23 Expo, the biennial fan conclave, into a big push for its new streaming services. (Photo: Patrick T Fallon/Bloomberg)

Disney names Bob Chapek to succeed Iger as CEO

Bob Chapek, chairman of Walt Disney Parks and Experiences, speaks during a media preview of the D23 Expo 2019 in Anaheim, California, USA, on Thursday, August 22, 2019. Walt Disney Co is turning the D23 Expo, the biennial fan conclave, into a big push for its new streaming services. (Photo: Patrick T Fallon/Bloomberg)

Walt Disney Co named Bob Chapek as its new chief executive officer, succeeding Bob Iger, who will remain chairman of the world’s largest entertainment company, Bloomberg News reports. 

The entrance gate to Walt Disney Studios at Euro Disney outside Paris, France, bears the new theme park’s logo on Saturday, March 16, 2002. (Photo: Lucas Schifres/Bloomberg News)

Chapek, who led the company’s theme parks and consumer products businesses, takes over immediately, according a statement Tuesday. Iger will continue to direct the company’s creative endeavours through 2021.

The appointment ends years of speculation over who would succeed Disney’s widely respected CEO. Iger steered the company through several multi-billion-dollar acquisitions, including the US$71-billion takeover of Fox’s entertainment assets last year.

ABC News Anchor Diane Sawyer speaks while Bob Iger, chairman and chief executive officer of The Walt Disney Co, listens during an Economic Club Of New York event in New York, USA, on Thursday, October 24, 2019. (Photo: Tiffany Hagler-Geard/Bloomberg)

Disney shares dropped more than six per cent after the announcement of Iger’s departure.

— Bloomberg