Bob Iger has stepped down as CEO of Disney after 15 years of leadership  Bob Chapek, formerly the Chairman of Disney Parks, Experiences and Products, will be taking his place.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well under way, I believe this is the optimal time to transition to a new CEO,” said Iger in a statement. “I have the utmost confidence in Bob [Chapek] 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.”

“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,” said Chapek via statement. “I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

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As Iger’s statement says, he is leaving at a time when Disney is at its highest, having bought a sizable chunk of the market and creating many of the best selling franchises of the media landscape. Chapek is taking the company at one of its strongest moments in history, but will there be more growth? Or will they be setting Chapek for the eventual decline? We’ll just have to wait and see.

About The Author

Sara Roncero-Menendez

A reporter by trade, Sara is a lover of horror, sci-fi, and all things pop culture. From indies to classics to even the strangest schlock, all movies and TV shows are fair game. She believes Batman is the most fascinating superhero, and that Silent Hill is one of the best horror franchises ever made (as long as you don't count the movies).Fun Fact: The only movie Sara will not rewatch is The Room -- once was more than enough.