Disney shares have tripped up following shock news that its chief executive of 15 years, Bob Iger, has stepped down with immediate effect.
The company said the 69-year old, credited with steering a massive expansion of its entertainment interests, would remain executive chairman until the conclusion of his contract.
He will be replaced by Bob Chapek, the chairman of Disney’s parks, experiences and products business.
Mr Iger told investors and reporters that – in addition to his duties leading the board – he would spend more time on Disney’s content platforms including the ESPN sports network, the newly acquired Fox studios and the Hulu and Disney Plus streaming services.
He said he could not do that while running Disney on a day-to-day basis.
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