The stock fell 2.41% to $125.10 in postmarket trading Tuesday, after having fallen 3.62% in regular hours. The S&P 500 fell 3% on coronavirus fears.
Iger will remain chairman of the board of Disney through 2021.
The new CEO of the company will be Bob Chapek, who has been with Disney for 27 yearsm and is currently serving as the chairman of the company’s Parks business.
Iger became CEO of Disney in 2005 after the company bought television giant ABC. He was a major part of bringing ABC onto Apple’s (AAPL) - Get Apple Inc. (AAPL) Report platforms and has been a major part of creating Disney Plus, the company’s new direct-to-consumer streaming platform, as viewers switch from traditional media and television to streaming.
Since Iger became CEO, Disney shares have gone up 357%, far outpacing the S&P 500’s gain of 164%.
Catch up on the Latest Videos on TheStreet!