Bob Iger will action down as Disney CEO and think the part of executive chairman, Disney introduced on Tuesday.

Bob Chapek, who most a short while ago served as chairman of Disney parks, encounters and products, will think the job of CEO, successful right away, Disney introduced.

Shares of Disney fell about 2.5% after several hours.

Iger will keep on being govt chairman of Disney via the close of 2021, according to the firm. Iger has been instrumental in generating Disney a major player in the streaming area with the launch of Disney+. The streaming services stated it had 26.5 million paying out subscribers during the initially quarter of 2020 soon after launching in November.

Bob Chapek, chairman of Walt Disney Parks and Activities, stands for a photograph at an unveiling party of Star Wars: Galaxy’s Edge at Walt Disney Co.’s Disneyland theme park in Anaheim, California, U.S., on Wednesday, May 29, 2019.

Patrick T. Fallon | Bloomberg | Getty Photographs

Iger also ushered via Disney’s $71 billion acquisition of Fox’s enjoyment business enterprise, which would insert even far more information to its streaming library. He also introduced a theme park in Shanghai, additional growing Disney’s footprint across the globe and getting 11 million site visitors in its to start with year.

“With the profitable launch of Disney’s immediate-to-shopper corporations and the integration of Twenty-To start with Century Fox well underway, I think this is the ideal time to transition to a new CEO,” Iger said in a assertion.

Iger experienced been scheduling his succession for a even though, indicating at Disney’s investor day last year that “2021 will be the time for me to lastly move down.”

Iger will be on CNBC to examine his succession with Julia Boorstin at 5:30 p.m. Japanese Time.

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