Bob Iger steps down as CEO at Walt Disney Co.

He said it was an "optimal time" to transition after 15 years at the helm; Bob Chapek will succeed him.
2:36 | 02/26/20

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Transcript for Bob Iger steps down as CEO at Walt Disney Co.
The major business headline this evening news from our parent company Tuesday. After a storied run our long time CEO Bob Iger stepping down in that role to become executive chairman. And stepping in as CEO Bob cherry pick who had been chairman of Disney parks experiences and products. For Bob Iger the move caps an extraordinary run of the top people stay on for a time handed a note to all of us who work for Disney today Bob called it an historic day. Here's ABC's Kate who report tonight who spoke with both leaders just a short time ago. Tonight passing the torch at the Walt Disney company the board announcing Bob Iger stepping down as CEO effective immediately. Iger saying it's an optimal time to transition after fifteen years leading the company to focus on creative endeavors at Disney. I need to spend more time on the creative side of our businesses because there's really nothing more important particularly with a new strategy that we have in place but in order for me to do that. I had to have passed the reins on to someone else this gentleman as it turns out. As Disney's sixth CEO Uygur oversold tremendous growth. And tiring Pixar marvel and it's avengers franchise. Including revolutionary blockbuster black hand there. Tiger says attending its premiere was a day he won't forget and Lucas film expanding the Disney universe to include Star Wars. Error. While also building on Disney's Oscar winning franchises. Most recently adding 21 century fox and launching the Disney plus and ESPN plus streaming services Uygur successor Bob Che peck who most recently served as chairman of Disney parks experiences and products says. He has big shoes to fill. I've had the opportunity to watch Bob work his magic casino for fifteen years and I'm I have plenty of off in terms of recognizing what he's done what he's accomplished. And after 45 years at the company Uygur still looking ahead. No I was in the tobacco for all that might my new role will be a full time job. And I have a lot to do I must feel pretty powerful athlete like that your corner it's nice to have but later in your corner. From him. I'm Bob Iger will remain executive chairman of the board and tell 20/20 one to oversee this process he's assured me David he'll be waking up at 415 to get his job done. And of course Disney is the parent company of ABC news. David Howard in it would work with the interview just in to nineteen I think you of course we welcome Bob -- pick to the new role tonight and of course. We think Bob biker who many of us here are looking F call friend he would often visit the newsroom unannounced asking what's the lead. We hope for many visits to comparable.

This transcript has been automatically generated and may not be 100% accurate.

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