Disney Board Picks Chapek to Succeed Iger as CEO

Disney's board picked a successor for Bob Iger. Bob Chapek was elevated to CEO, effective immediately. He was chairman of Disney Parks, Experiences and Products.

Iger becomes executive chairman "and will direct the Company’s creative endeavors, while leading the Board" through the end of his contract on Dec. 31, 2021. The company's announcement came Tuesday after regular U.S. markets closed.

Iger's succession has been closely watched. He was named chief in 2005.

Disney has an investor conference call at 4:30 p.m. EST today. Go here.