Disney just announced that Bob Iger is stepping down as CEO, effective immediately. Bob Chapek has been named the new CEO – he has been at Disney for 27 years and most recently served as Chairman of Disney Parks, Experiences and Products. Iger has been CEO for over 15 years and was expected to remain CEO until the end of 2021. While the timing was a surprise, Iger will stay on and assume the role of Executive Chairman and “will direct the Company’s creative endeavors,” while leading the Board through the end of his contract on Dec. 31, 2021. Mr. Chapek will report to Iger, and the Board of Directors. He will be appointed to the Board at a later date. In terms of timing, Iger said the purpose of handing over the CEO role now was to turn over day-to-day management in order to free him up to focus all his time on the creative side. Chapek is 60 years old and is signing a contract for just three years.
Sarah Kanwal
Equity Analyst, Director
Direct: 617.226.0022
Fax: 617.523.8118
Crestwood Advisors
One Liberty Square, Suite 500
Boston, MA 02109
$DIS.US
[category equity research]
[tag DIS]