The Walt Disney Company has just announced that Bob Iger is stepping down as Disney's CEO and will assume the role of Executive President.
Bob Chapek, who was president of Disney Parks, Experiences & Products so far, the new CEO of TWDC's Board of Directors has been appointed.
According to Disney, Bob Iger will lead the Board of Directors, will provide all the benefits of his experience and will work to ensure a smooth and successful transition for the next two years - until the end of his contract on December 31, 2021.
This is nothing short of impressive news.
In this post, we will share the Walt Disney Company's press release about new CEO Bob Chapek and the transition between current CEO Bob Iger and Chapek.
In Chapek's new position as CEO, he will directly oversee all of the Company's business segments and corporate functions.
Bob Chapek will report to the Executive Chairman, Bob Iger, and the Board of Directors. He will be appointed to the Board of Directors of the Walt Disney Company at a later date.
A new director of Disney Parks, Experiences and Products will also be appointed in the future.
Chapek has served as President of Disney's Parks, Experiences and Products since the segment's inception.
Who is Bob Chapek?
Before that, the Mr. Chapek was President of Walt Disney Parks and Resorts.
In offering statements about the change, Bob Iger said: “With the successful launch of Disney's direct consumer business and the integration of Twenty-First Century Fox underway, I believe this is an ideal time to transition to a new CEO.
I have complete confidence in Bob and look forward to working closely with him for the next 22 months as he takes on this new role and delves into Disney's multifaceted global business and operations, while remaining focused on the company's creative efforts. "
Iger added: “Bob will be the seventh CEO in Disney's nearly 100-year history and has proven to be uniquely qualified to lead the Company into the next century.
Throughout his career, Bob has led with integrity and conviction, always respecting Disney's rich legacy while taking smart and innovative risks for the future.
His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and Studio.
Under Bob's leadership as CEO, our portfolio of great companies and our incredible and talented people will continue to serve the Company and its shareholders for years to come.”
“I am incredibly honored to take on the role of CEO of what I truly believe is the largest company in the world and to lead our exceptionally talented and dedicated members and staff and employees”, said Chapek.
“Bob Iger made Disney the most admired and successful media and entertainment company, and I was lucky to have a front row seat as a member of his leadership team.
I share your commitment to creative excellence, technological innovation and international expansion, and will continue to embrace these same strategic pillars going forward.
Everything we've achieved so far serves as a solid foundation for more creative stories, bold innovation, and thoughtful risk-taking. ”
Susan Arnold, lead independent director of the Disney Board, said: “The board has been actively involved in succession planning in recent years and, after considering internal and external candidates, we unanimously elected Bob Chapek as Walt's next CEO. Disney company.
Mr. Chapek demonstrated exceptional leadership and a proven ability to deliver good results across a wide range of businesses, and his tremendous understanding of the breadth and depth of the company and his appreciation for the special connection between Disney and its consumers make him the perfect choice as the next CEO. ”
"Sir. Chapek will also benefit from the guidance of one of the most esteemed and successful business leaders in the world, Bob Iger ”continued Arnold.
“Over the past 15+ years as CEO, Mr. Iger has transformed the Walt Disney Company, building on the company's history of big stories with the acquisitions of Pixar, Marvel, Lucasfilm and Twenty-First Century Fox and increasing the company's market capitalization fivefold.
Disney has reached unparalleled financial and creative levels, thanks to Iger's strong leadership and clear strategic vision. We believe that Mr. Chapek's leadership and commitment to this strategy will ensure that the Company continues to create significant value for our shareholders in the coming years. "
As president of Disney Parks, Experiences and Products, Chapek oversaw the Company's largest business segment, with operations worldwide and more than 170,000 employees worldwide.
The segment includes Disney's iconic travel and leisure businesses, spanning six resort destinations in the United States, Europe and Asia, a top-rated cruise line, a popular vacation ownership program and an award winning family adventure business .
Disney's global consumer product operations include the world's leading licensing businesses in toys, clothing, household goods, games and digital applications, the world's largest children's print publisher, Disney stores worldwide and Disney e-commerce platform.
During his tenure in the Parks segment, Chapek oversaw the opening of mainland China's first Disney theme park and resort, the Shanghai Disney Resort.
The addition of numerous guest offerings across six Disney resort destinations in the US, Europe and Asia, including the creation of new entertainment areas. Start Wars: Galaxy's Edge at Disneyland and Walt Disney World.
Addition of Marvel-inspired attractions around the world.
In addition to the expansion of Disney Cruise Line with the announced construction of three new ships.
From 2011 to 2015, Chapek was president of Disney's former consumer products segment, where he led the technology-led transformation of the company's consumer product, retail and publishing operations.
Prior to that, he served as president of distribution for Walt Disney Studios and was responsible for overseeing the studios' overall content distribution strategy across multiple platforms, including theatrical display, home entertainment, pay TV, digital entertainment and new media.
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