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