Disney CEO Bob Iger to step down immediately
The 69-year-old was second-highest paid CEO in 2018, earning $65.6m
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Disney CEO Bob Iger, who steered the company through successful purchases of Star Wars, Marvel and Fox's entertainment businesses and the launch of a Netflix challenger, is stepping down immediately, the company said in a surprise announcement on Tuesday.
The Walt Disney Co named as his replacement Bob Chapek, most recently chairman of Disney's parks, experiences and products business.
Iger will remain executive chairman through the end of his contract on 31 December, 2021.
"I will continue to conduct the company's creative endeavours while also leading the board," Iger said on a conference call with reporters and analysts.
His most recent coup was orchestrating a $71bn acquisition of Fox's entertainment assets and launching the Disney Plus streaming service in November. That service gained nearly 29 million paid subscribers in less than three months.
Iger said he wanted to focus on the creative side of the business after getting those assets and strategies in place. He said he could not do that while running Disney on a day-to-day basis.
"It was not accelerated for any partiucalr reason other than I felt the need was now to make this change," he said.
"Did not see this coming – Wowza," tweeted LightShed media analyst Rich Greenfield.
Iger became chief executive of Disney in 2005 after a shareholder revolt by Roy E Disney led to the ouster of longtime chief Michael Eisner. Iger steered Disney through successful acquisitions of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney.
Iger, a former weatherman, joined broadcaster ABC in 1974, 22 years before Disney bought the network.
At ABC, Iger developed such successful programs as Home Improvement, The Drew Carey Show and America´s Funniest Home Videos and was instrumental in launching the quiz show Who Wants to Be a Millionaire. He was also criticized for cancelling well-regarded but expensive shows such as Twin Peaks, China Beach and thirtysomething.
Iger, 69, was the second-highest paid CEO in 2018, as calculated by The Associated Press and Equilar, an executive data firm. He earned $65.6m. The top earner was Discovery's David Zaslav who earned $129.5m.
Susan Arnold, the independent lead director of the Disney board said succession planning had been ongoing for several years.
Chapek, 60, is only the seventh CEO in Disney history. Chapek was head of the parks, experiences and products division since it was created in 2018. He was previously head of parks and resorts and before that president of consumer products.
Associated Press
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments