NEW YORK (AP) — Disney is replacing CEO Bob Iger, effective immediately.
The surprise announcement Tuesday names Bob Chapek as CEO and makes Iger executive chairman.
Chapek was most recently chairman of Disney Parks, Experiences and Products.
Iger will remain chairman through the end of his contract Dec. 31, 2021.
Iger says it was an "optimal time" for him to step down following Disney's acquisition of Fox's entertainment assets and the launch of Disney Plus streaming service in November.
Iger became CEO of Disney in 2005, succeeding longtime chief Michael Eisner.
He steered Disney through successful acquisitions of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney.