After assisting Disney through the acquisition of Fox and launching its direct-to-consumer efforts that focus around Disney+, ESPN +and Hulu, CEO Bob Iger is stepping down fromhis post."Reliable right away," "former Disney Parks Chairman Bob Chapek is taking over and will report to Iger while he works as executive chairman and leads ""innovative endeavors" "through the end of his contract next year.

In a declaration announcing the move, Iger said """"With the effective launch of Disney'' s direct-to-consumer businesses and the combination of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a brand-new CEO."

"As far as Chapek'' s experience, he'' s worked there for more than twenty years, and the press release notes that he led the notorious ""Disney Vault" "method for handling its renowned films as they were released for house viewing on VHS, DVD and Blu-ray.

Asked on a call with investors about the timing of the relocation, Iger said that it made good sense to turn over daily management of the company to Chapek so that he can use his remaining time to focus on imaginative aspects of the company. According to him, the move wasn'' t accelerated"for any specific reason."

"With Chapek continuing to report to Iger, it doesn'' t appear like things materially alter at Disney much today, but the relocation is revealed right after the business exposed Disney+ has already grown to over 26 million subscribers. It'' s also preparing to release widely in Europe, and we'' re still months out of the arrival of The Mandalorian season two and lots of Child Yoda product.