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| Disney C.E.O. Bob Iger Is Stepping Down | |
| (about 1 hour later) | |
| Robert A. Iger, who delayed his retirement four times in recent years, abruptly stepped down as chief executive of the Walt Disney Company on Tuesday after 15 years at the helm. Disney said he would be replaced by Bob Chapek, a 27-year veteran of the company who has most recently served as chairman of Disney’s parks business. | |
| Mr. Iger, 69, will take on the role of executive chairman — and direct Disney’s creative endeavors — to ensure a smooth transition through the end of his contract on Dec. 31, 2021, the company said. | |
| “With the successful launch of Disney’s direct-to-consumer businesses and the integration of 21st Century Fox well underway, I believe this is the optimal time to transition to a new C.E.O.,” Mr. Iger said in a statement. Mr. Iger added: “Bob will be the seventh C.E.O. in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the company into its next century.” | |
| Disney shares dropped 3 percent in after-hours trading, to $125.30. | |
| Since taking over as chief executive in 2005, Mr. Iger has led Disney to record financial results, even in the face of economic downturns, the occasional horrendous movie write-off and changing consumer habits that dented ESPN, the company’s longtime profit engine. Last year, Mr. Iger completed a $71.3 billion acquisition that gave Disney the bulk of Rupert Murdoch’s media empire, substantially altering the entertainment landscape. In November, Mr. Iger oversaw the successful introduction of a Netflix-style streaming service, Disney Plus. | |
| The downside to that success? Nobody seemed to measure up, complicating succession at a company that has a history of bumpy transfers of power. Mr. Iger’s predecessor, Michael D. Eisner, tried to cling to his job, resulting in him eventually turning over a company that was struggling. | |
| One internal candidate to succeed Mr. Iger, the well-regarded Thomas O. Staggs, abruptly left Disney in 2016 after losing the unqualified support of Mr. Iger and some other board members. Since then, Disney has been engaged in a quiet hunt for a successor, with candidates including Mr. Chapek. | |
| Even among media conglomerates, Disney has a unique mix of businesses, some of which are healthier than others. The company’s movie studio is widely regarded as the strongest in Hollywood and the Disney theme parks are delivering record profits. But the company’s vast consumer products division has been in decline, and Disney’s television operation, which includes ABC, Disney Channel and Freeform, has been struggling with ratings weakness and a lack of breakout shows. Now it has entered the streaming era with Disney Plus. This month, the company said that the service, which is less than three months old, had more than 28 million subscribers. | |
| Mr. Iger started his entertainment career at ABC in 1974. Disney has no mandatory retirement age for chief executives; the company’s mandatory retirement age for board members is 74. | |
| This is a developing story. Check back for updates. | This is a developing story. Check back for updates. |