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Disney’s board of directors has sprung the news that it has named Bob Chapek Disney’s Chief Executive Officer effective immediately. Bob Iger, the Disney architect and until now chairman and CEO, will assume the role of Executive Chairman and direct the company’s creative endeavors, while continuing to lead the board.

After years of wondering the succession plan for Iger, this is it. He will stay in his new role through the end of his contract on Dcember 31, 2021.

Chapek most recently served as chairman of Disney Parks, Experiences and Products.

“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,” Iger said. “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.”

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