Long-time Disney executive Bob Iger has announced he will be stepping away from the billion-dollar entertainment giant at the end of this year.
Iger, who served as CEO for 15 years until last year but stayed on as executive chairman, has weathered many storms alongside Disney, most recently the financial setbacks triggered by the coronavirus shutdown.
“I will leave at the end of December with a strong sense of pride and a deep sense of appreciation for the very special place Disney holds in the hearts of people all over the world,” Iger said at the company’s shareholder meeting.
Iger said his successor, current CEO Bob Chapek, will continue to uphold the same principles under his leadership.
The outgoing chairman will remain on-board until December 2021 and Iger still has plenty of work to do before his departure.
Former CEO Bob Iger
Disney’s theme park and movie business stalled during the pandemic and the Mouse House lost billions of dollars of revenue.
However Disney’s streaming service Disney+ has thrived under Iger’s leadership, with the platform surpassing 100 million subscribers after just 15 months on the market.
Disney + is only second to Netflix, which has 200 million global subscribers.
Disney’s surge in paying subscribers can be attributed to big-name streaming releases during the holiday period, including Pixar’s Soul and The Mandalorian.
The streaming provider had set a goal of reaching 90 million subscribers four years after its launch. It took just 14 months to reach this number.
Disney has since revised its plan with a new goal of between 230-260 million subscribers by 2024.
