Iger will stay on with the company through the end of his contract on Dec. 31, 2021, taking on the role of executive chairman where he will lead the board of directors and remain involved in the creative aspects of the company, Disney said in a statement.
"With the successful launch of Disney's direct-to-consumer businesses and the integration with Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO," Iger said. "I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney's multifaceted global businesses and operations, while I continue to focus on the company's creative endeavors."
As CEO Chapek will oversee the company's business segments and corporate functions and will report to Iger and the board of directors. He will be appointed to the board at a later date, the company said.
"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 cast members and employees," said Chapek.
Chapek previously served as chairman of Disney Parks, Experiences and Products and a new head will be named in the future, Disney said.