NEW YORK — The Walt Disney Co. has named Bob Chapek CEO, replacing Bob Iger, effective immediately.

Iger will become executive chairman. Chapek was most recently chairman of Disney Parks, Experiences and Products.

Iger will remain chairman through the end of his contract Dec. 31, 2021.

Iger said it was an “optimal time” for him to step down following Disney’s acquisition of Fox’s entertainment assets and the launch of Disney Plus streaming service in November.

Chapek is only the seventh CEO in Disney history.

The Associated Press