CBJ — Robert Iger has relinquished his duties as chief executive officer of the Walt Disney Company, effective immediately. Iger has assumed the role of executive chairman and will direct the company’s creative aspirations. Iger will stay on at Disney through the end of this contract on December 31, 2021.

Bob Chapek was quickly installed as the new CEO, which means the decision was obviously in the making for quite some time, given that the moves were made seamlessly.

Chapek had been serving as chairman of Disney Parks, Experiences and Products.

Iger succeeded Michael Eisner as Disney’s CEO in 2005.

@CanBizJournal