BURBANK (CBSLA) — Bob Iger stepped down as CEO of The Walt Disney Co. Tuesday and Bob Chapek has been named as the company’s new head.

The move was said to come following the launch of the company’s Disney+ streaming service making it an “optimal time to transition to a new CEO.”

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Chapek, who had been serving as chairman of Disney Parks, Experiences and Products, was named as the new CEO, effective immediately.

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According to the company, Iger will stay on as executive chairman and will help”direct the company’s creative endeavors,” as well as “help guide the company’s board through the leadership transition until the end of his contract on Dec. 31, 2021,” according to the Los Angeles Times.

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