Earlier today DISNEY made a shocking announcement, via thehollywoodreporter.com that long-standing CEO Bob Iger is stepping down from his role with immediate effect as is being succeeded by Bob Chapek.

Iger, who has been in the CEO of DISNEY since 2005, was responsible for the entertainment giant’s acquisition of Pixar, Marvel and Lucasfilm along with opening Shanghai Disney Resort along with the recent purchase of 21st Century Fox and the launch of Disney+. He will now assume the role of Executive Chairman and will head the board of directors until his contract runs out on December 31st 2021.

His successor, Bob Chapek (who has worked for DISNEY since 1993, was previously in charge of their Disney Parks and Experiences Division – he now has the keys to the entire empire as his new contract has promptly begun and will run until February 28th 2023. He will now earn a reported $2.5 Million a year.

Iger was quoted saying that his replacement was decided “quite some time ago”. He followed up by stating that the plan “was not accelerated for any particular reason other than we thought the need was now to make this change.”

Chapek had the following to say:

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated castmembers and employees,” Chapek said. “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.”

Other members of the DISNEY family, past and present, have also expressed their pleasure in Chapek‘s appointment to his new role.