Disney appoints Bob Chapek as their next CEO as Iger changes his role

Last Updated on August 2, 2021

Out with the old Bob and in with the new!

Word has come down the wire that Disney has named Bob Chapek as its next CEO, succeeding Bob Iger effective immediately. As per the new appointment, Iger will assume the role of executive chairman and will lead the House of Mouse board until his contract ends on December 31, 2021.

Chapek was fitted for his mouse ears back in 1993, and has been the chairman of Disney Parks, Experiences and Products since 2018. His new contract came into effect on February 24 and will expire on February 29, 2023. And because Mickey isn't shy about rewarding his higher ups with a nice chunk of cheese, Chapek's annual base salary will increase by $2,500,000. Hey Chapek, I've got some student loan dept that could use a bit of that new cheddar. My contact into is available in the Contact Us section of this site. Let's talk.

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Chapek said.

Chapek then added, “Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team.”

Chapek stands as Disney's 7th CEO, and as such he will report to Iger as well as the rest of the board for matters related to his new and prestigious position. Hot damn! Can you imagine the party Chapek is going to have to celebrate this occasion. Oh to be a fly on the wall of that shindig.

This is indeed a monumental shift for Disney, as Iger has been the company's CEO since 2005. During his tenure, Iger has overseen massive expansions for the legendary studio, such as the acquisitions of Pixar, Marvel and Lucasfilm. Moreover, Disney delivered seven box office bangers that banked more than $1 billion a piece at the global box office – all under Iger's leadership. Oh, but the hits don't stop comin' at that milestone. Iger was also responsible for overseeing Disney's $71.3 billion dollar purchase of Rupert Murdoch's Fox assets, including 20th Century Fox studio and Fox Searchlight.

“The company has gotten larger and more complex in the recent 12 months,” Iger told analysts during a Tuesday business call. “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 as our businesses… because that becomes our biggest priority in 2021.” Iger also mentioned that his new position will permit him to focus on a portion of Disney's creative endeavors, such as the growing and curation of Hulu and Disney+.

"My goal is that when I leave here [Chapek] will be as steeped with all matter creative at the company as I am today," Iger remarked.

"Bob, I feel very fortunate to be able to work closely with you during this transition, and I know I will be able to benefit greatly from your wisdom and expertise," Chapek said on the call as he proceeded top butter Iger's roll, so to speak.

Iger then added, "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."

And there you have it, folks. The keys to Disney's Magic Kingdom are to be turned over to Bob Chapek. Long may he reign, and here's hoping that he brings some exciting ideas to what is for sure one of the biggest tables in entertainment history.