Disney CEO Bob Iger Steps Down, Bob Chapek Steps Up

Premiere of Disney's "The Proncess and the Frog" - Arrivals

Bob Iger, longtime Disney CEO announced that he is stepping down and will pass on the reigns to Bob Chapek.

Iger will still be on board as chairman who will report to the board of directors, will help Chapek transition into his new role in the next few months and will focus more on Disney's creative projects.

Chapek, who will now look over Disney's entire operation, was the chairman who oversaw Disney parks, Disney’s new Galaxy’s Edge, movie franchises, products, and experiences. Iger will help Chapek transition into his new role for the next few months.

Photo: BURBANK, CA - NOVEMBER 15: (L-R) The Walt Disney Studios' Bob Chapek, President of Home Entertainment, Alan Bergman, President, Bob Iger, President and CEO of The Walt Disney Company and Rich Ross, Chairman of The Walt Disney Studios pose at the premiere of Walt Disney Pictures' "The Princess and the Frog" at the Disney Studios on November 15, 2009 in Burbank, California. (Photo by Kevin Winter/Getty Images)

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