The Walt Disney Company has named a new CEO.
Bob Chapek is replacing Bob Iger, effective immediately, the company announced Tuesday.
Chapek, 60, was most recently chairman of Disney Parks, Experiences and Products, a position created in 2018 and has been with the company for 27 years, according to a news release.
Iger will stay on as chairman through Dec. 31, 2021.
“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,” said Iger in a statement.
Last year, Iger said he planned to step down in 2021. He had previously set a target departure date of 2018, but in March 2017, his contract was extended to July 2, 2019. That December it was extended again through the end of 2021.
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Iger became Disney’s president and chief operating officer in 2000 and added the CEO title in 2005 after Michael Eisner departed. He became chairman in 2012.
He oversaw the expansion of the Mouse House, which added 21st Century Fox’s movie and TV studios and other assets including Fox’s 30% stake in Hulu. The $71.3-billion transaction closed in March 2019.
Chapek is the seventh CEO in company’s nearly 100-year history, Iger said, saying that Chapek “has proven himself exceptionally qualified to lead the Company into its next century.”
His annual base salary is $2.5 million and he is eligible for a bonus of “not less than 300% of the annual base salary,” according to a document filed with the Securities and Exchanges Commission.
Chapek also will receive “a long-term incentive award having a target value of not less than $15 million” for each fiscal year of the agreement which goes through Feb. 28, 2023, according to the document.
This story will be updated.
Contributing: Mike Snider, Ed Baig
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko