Robert Iger Steps Down as Walt Disney CEO

On Tuesday America’s largest movie studio Walt Disney Co (DIS) announced that its current Chief Executive Officer Robert Iger will be stepping down from the positing handing it over to the man in charge of the Disney parks, Bob Chapek.

Upon his exit as the CEO, Iger will immediately occupy the position of executive chairman where he will be mandated to direct the company’s creative endeavors until his contract runs out in December 31, 2020.

Chapek joined Disney over two decades ago, while serving as the chairman for Disney parks, he initiated Disney’s largest business segment including; launching of Disney’s first theme park and resort in China and creating the new star wars.

During a conference call the outgoing CEO acknowledged the company had grown beyond bounds following key acquisitions and introductions of new products in the market.

“The company has gotten larger and more complex just in the recent 12 months. I felt that with the asset bases in place and with our strategy deployed I should be spending as much time as possible on the creative side of our business,” said Iger.

Analyst present during the call doubted if Chapek had the necessary experience to run the company as the CEO.

Many among them former Disney employees were shocked that current chairman of Direct-to-Consumer and International, Kevin Mayer wasn’t appointed to assume the CEO position.

According to them, Mayer was the best suited to take helm of the company citing his success with Disney+ which on its first day attracted 10 million sign-ups.