Disney Drops a Bombshell -- Bob Iger Steps Down

After orchestrating the media and entertainment company's move into streaming, Disney (NYSE: DIS) dropped a bombshell Tuesday afternoon, announcing that revered CEO Bob Iger would step down as CEO -- effective immediately -- handing his duties over to Bob Chapek, who most recently served as chairman of Disney's parks, experiences, and products segment.

Iger isn't abandoning ship just yet, however. He will assume the role as executive chairman and will direct the company's "creative endeavors" while continuing to lead the board until his current contract expires at the end of 2021.

Bob Iger leaves a powerful legacy. Image source: Disney.

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Source Fool.com