Bob Iger will step down as Disney CEO and assume the role of executive chairman, Disney announced Tuesday.
Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, effective immediately, Disney announced. Chapek will continue to report to Iger and be appointed to the board of directors at a later date.
In an interview with CNBC's Julia Boorstin after Disney's announcement, Iger said the CEO reporting structure is a way to ensure a smooth transition.
"We're not concerned at all about creating any confusion," Iger said of the arrangement.
Iger will remain executive chairman of Disney through the end of 2021, according to the company. Iger had been planning his succession for a while, saying at Disney's investor day last year that "2021 will be the time for me to finally step down."
Iger said he decided to step down now because he wanted to focus on the creative side now that major projects like the Fox merger and launch of Disney+ were behind him. Iger said he would be able to help transition Chapek into the role while serving as executive chairman.