Iger, who last year said he planned to resign in 2021, becomes executive chairman of Disney and will “direct the company’s creative endeavors,” the media and entertainment giant said.
“The company has gotten larger and more complex,” Iger said during a conference call with analysts. “I should be spending as much time as possible on the creative side of our businesses.”
As for the decision to choose Chapek, Susan Arnold, an independent lead director on the board, said the directors have been "actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected" Chapek as CEO.
Watch the full video above for Cramer's response to Iger stepping down and what having Iger at the helm of creativity means for Disney+.
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