Disney sent a shock wave through the media industry yesterday upon stock market closing, announcing the immediate shift of its longtime CEO Bob Iger to an Executive Chairman role. Iger said he will leave the company at the end of his current contract on December 31, 2021 and use his remaining time overseeing creative decision-making on the media side. Bob Chapek, previously head of Disney’s parks, experiences and products division, is the company’s new CEO.

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Context on Iger: As Disney’s leader since 2005, Iger has been widely viewed as the most powerful person in Hollywood and oversaw Disney’s fruitful acquisition of major IP franchises (Pixar, Marvel, LucasFilm), ongoing expansion of parks & hospitality, and major push into direct-to-consumer video streaming (Hulu, BAMTech, ESPN+, Disney+).