Effective immediately, Iger will assume the role of executive chairman and direct Disney’s creative endeavors, while leading the company’s board to ensure a smooth transition through the end of his contract on Dec. 31, 2021.
Chapek, who most recently served as chairman of Disney’s parks, experiences and consumer products division, has been with the company for 27 years in a variety of roles. He oversaw the Disney’s largest business segment, with operations around the globe and more than 170,000 employees worldwide. In 2018, the parks and resorts segment brought in $20.3 billion in revenue, up 10% from 2017 and nearly 20% from 2016. As CEO, his annual salary will increase to $2.5 million.
Chapek previously served as distribution head for the film studio from 2009 to 2011 before a stint as head of Disney’s consumer products.