With immediate effect, Bob Iger has stepped down as CEO of the Walt Disney Company (DIS)

Before his resignation,  Iger was referred to as the second most-important person in the history of Disney, behind only Walt himself.

On who takes over after Iger’s resignation, the board of directors announced on Tuesday that Bob Chapek is the new CEO.

Talking about Chapek’s profile, it was recorded that, he most recently served as chairman of Disney Parks, Experiences and Products.

According to the company, Iger has assumed the role of executive chairman and will direct the company’s creative endeavours.

Concerning how long he will stay, Iger will be at Disney through the end of this contract on December 31, 2021.

Iger, speaking in a statement said, “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.”

Speaking further, he stated that he has the “utmost confidence” in Chapek and looks forward to “working closely with him over the next 22 months as he assumes this new role.”

He also said, “I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world,” Chapek said in a statement. “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.”