CEO of world’s top entertainment company Bob Iger surprises with choice of successor
Los Angeles — Walt Disney shares slipped after CEO Bob Iger abruptly stepped aside and handed the reins to theme-parks head Bob Chapek, ending years of speculation over who would succeed him atop the world’s largest entertainment company.
The announcement after the close of Tuesday trading jolted investors. The shares fell as much as 1.9% to $125.79 in New York on Wednesday. The stock had fallen 11% this year through Tuesday’s close, hurt by a broader market decline linked to the coronavirus outbreak. “It is not clear why the company felt the urgency to undertake the transition immediately,” Barclays analysts said Wednesday in a note.
“When I leave, he will be familiar with all parts of the company,” Iger said. “Not just the ones he managed.” Iger postponed his retirement multiple times as he pondered life after Disney and stuck around, most recently, to supervise the Fox deal. Chapek’s appointment is a setback for other potential contenders, most notably TV streaming chief Mayer.
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