Bob Iger is stepping down as Disney’s CEO in order to spend more time on the ‘creative side’ of the company.
The 69-year-old joined the company way back in 1996, becoming CEO in 2005.
Bob Chapek, who joined Disney in 1993 and has been serving as chairman of Disney Parks, Experiences and Products, will be taking on the new role, with Iger staying as executive chairman until the end of next year.
Explaining his decision, Iger told Wall Street analysts this week: ‘The company has gotten larger and more complex in the recent 12 months. With the asset base in place, and our strategy essentially deployed, I felt that I should spend as much time as possible with the creative side of our businesses … because that becomes our biggest priority in 2021.’
He added: ‘My goal is that when I leave here [Chapek] will be just as steeped with all matters creative at the company as I am today…
‘I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.’
During his time as CEO, Disney made huge leaps including acquiring Marvel, Pixar and Lucasfilm, with Avengers: Endgame becoming the highest-grossing movie of all time.
Most recently, Iger has been a huge part of the launch of Disney’s newest venture, streaming service Disney+.
Although the site has yet to launch in the UK, it racked up 10 million subscribers within its first 24 hours in the US.
However, the success could be short-lived, after experts revealed it might lose consumers over the lack of programs meant for adults.
Bernstein analyst Todd Juenger said: ‘Disney+ has probably already achieved its peak absolute net adds in the first quarter of its existence. In other words, there will probably never be another year where Disney+ adds as many subscribers as it did in the first year, or frankly in its first quarter.’
He went on to predict that the channel is due to hit around 40 million subscribers by the end of 2020. In contrast, Netflix has added 167 million worldwide subscribers since launching in 2010.
Disney+ UK is set to launch next month, following its release in the US back in November.
Fans will be able to get their hands on beloved Star Wars spin-off The Mandalorian, which introduced us to the phenomenon that is Baby Yoda, as well mockumentary High School Musical: The Musical: The Series and The World According To Jeff Goldblum.
Other shows include Mary Poppins, Malcolm In The Middle and Wandavision, with Disney+ offering a whole host of shows across Disney, Pixar, Marvel, Star Wars and National Geographic.
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