On Tuesday Disney announced that Bob Iger would step down from his position as the CEO of Disney. This announcement is apparently effective immediately since Iger will become the executive chairman of Disney throughout 2021. Iger’s reasoning for stepping down shortly before his supposed retirement in 2021 he claims is due to the fact that he wants to focus more on the creative aspect of major projects, especially now more than ever with the newly launched Disney+. When it comes to the success and monopoly of Disney, Bob Iger is responsible for its immense success in terms of acquiring more content and media companies before launching Disney+. After the announcement of his stepping down, shares of Disney fell about 2.5% in the following hours.

       Stepping into the CEO position is Bob Chapek, former chairman of Disney “parks, experiences and products.” According to Chapek, Iger had formed such a distinct path and “strategic pillars” which he intends to keep working on and following. Currently, Chapek will continue to report to Iger until he is formally appointed to the Board of Directors. When it comes to the position and what is to come in the future, Chapek says, “That’s my sweet spot, and that is something I could leverage now throughout all my experiences not only at Disney, but even before Disney, in terms of figuring how we take the data, information, the technology, and once again our storytelling, right direct to the consumer so that we can take all the great equities we have and continue to build those for our shareholders.”

Until Bob Iger takes his formal position on the Board of Directors, we can only speculate what is to come for Disney in the future.