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.”READ MORE: Dye, Brown lead No. 10 Oregon past UCLA, 34-31 In Rose Bowl Thriller
Chapek, who had been serving as chairman of Disney Parks, Experiences and Products, was named as the new CEO, effective immediately.READ MORE: Reports Of Drugging, Sexual Assaults At Other USC Fraternities
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.MORE NEWS: Locations For Free Flu Shots Throughout LA
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)