In a surprise announcement, Disney named a successor to its longtime CEO Bob Iger, who oversaw a banner year for the company in 2019, including the successful launch of a new streaming service and box office domination. Bob Chapek, the parks division head and a 27-year veteran of The Walt Disney Company, will replace Iger immediately, with Iger assuming the role of executive chairman until his contract ends on Dec. 31, 2021. "With the successful launch of Disney's direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO," Iger said in a statement. Iger has headed The Walt Disney Company for the past 15 years.

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