Disney boss Bob Iger steps down as chief executive

Disney boss Bob Iger, who led the media company through several blockbuster acquisitions and the launch of a streaming network, is stepping down as chief executive.

Disney said it had appointed Bob Chapek, who previously headed up the company’s parks and products division, to replace him.

Mr Iger will remain Disney’s executive chairman until the end of next year to direct “creative endeavours”.

The change is effective immediately.

Mr Iger, who is considered by many to be the most powerful man in Hollywood, had served as chief executive since 2005. He has previously announced plans to retire – only then to push back the date.

In a statement, Mr Iger said it was the “optimal time” to begin to hand control of the company to a new leader. Disney has recently completed the acquisition of Rupert Murdoch’s 21st Century Fox entertainment empire and launched the Disney+ streaming channel.