There was a lot of Disney (DIS - Get Report) headlines last night during Disney's investor event. 

But, towards the end of the event, Bob Iger, CEO of Disney, announced that he would be stepping down and that the board has started discussing succession plans. 

Disney CEO Bob Iger said he plans to step down at the end of 2021 when his current contract ends.

Iger made the announcement near the conclusion of Disney's investor day presentation devoted to unveiling Disney+.

Iger has been CEO of Disney since 2005.

The Disney event showcased the announcement of Disney+, Disney's competitor to Netflix (NFLX - Get Report) .

Rounding out Disney's existing portfolio of direct-to-consumer services - which includes ESPN+ and Hulu, as well as Hotstar in India - Disney+ is a "family-friendly" offering that brings together content from various Disney-owned brands, including National Geographic, Marvel, Pixar, Star Wars, the Disney Channel, as well as The Simpsons and other select programming from Fox, wrote TheStreet's Joseph Woelfel. 

Disney+ will launch on Nov. 12, 2019, and will be priced at $6.99 a month, or $69.99 a year. Kevin Mayer, head of Disney's direct-to-consumer and international segments, said the company "might" offer bundling with ESPN+ and Hulu at a discounted rate.

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