On September 13, 2019 Patently Apple posted a report titled "Disney's Bob Iger Officially Resigned from Apple's Board of Directors on September 10th." Five days later on September 18 we posted a second report titled "Bob Iger's Book 'The Ride of a Lifetime' debuts next Week detailing his Time with Steve Jobs & Principles of Leadership." The writing was on the wall as today we're learning this afternoon that Bob Iger is stepping down as CEO of Disney.

The Walt Disney Company Board of Directors announced today that Bob Chapek has been named Chief Executive Officer, The Walt Disney Company, effective immediately. Mr. Chapek most recently served as Chairman of Disney Parks, Experiences and Products.

Robert A. Iger assumes the role of Executive Chairman and will direct the Company’s creative endeavors, while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021.

Mr. Iger: "With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO. 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 endeavour."

Mr. Iger added: "Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come."

Bob Chapek: "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, 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. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking." For more, read the full press release.  

The Walt Disney Company reported after the bell today. The company was holding their  financial conference at 4:30 p.m. EST / 1:30 p.m. PST today, Tuesday, February 25, 2020. A replay of the conference may be made available here.