Disney surprised the media industry on February 25 when it announced that longtime CEO Bob Iger had replaced himself with executive Bob Chapek. Sheryl K. Sandberg 10. Iger said he would be able to help transition Chapek into the role while serving as executive chairman."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 alongside the announcement.In an interview with CNBC's Julia Boorstin after Disney's announcement, Iger said the CEO reporting structure is a way to ensure a smooth transition.Shares of Disney fell about 2.5% after hours.Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, effective immediately, Disney announced. 1. But given the creative ranks that surround him — an executive suite that includes Disney TV chairman and Disney media networks co-chair Peter Rice, Disney Television Studios head Dana Walden, Disney Studios chief creative officer Alan Horn, et. Monica C. Lozano 8. Disney’s parks head Bob Chapek officially — and quite suddenly — took the seat of power Tuesday afternoon, with the announcement that the charismatic, longtime Disney CEO Bob Iger… al. On May 11, Disney reopened its Shanghai Disneyland park — the first of its parks to reopen amid the coronavirus pandemic. Prior to his time at Disney, Chapek had stints in advertising at J. Walter Thompson and in brand management at H.J. A first-generation college graduate, Chapek attended Indiana University Bloomington and received his MBA from Michigan State, where he was in 2015 awarded an honorary doctorate in business. The company named Chapek, previously the head of its Parks division, as its new CEO … “That’s where I developed a deep love for Disney and all that it stands for. Judith L. Estrin 4. Bob Chapek now has the keys to the whole Disney empire -— not just the Magic Kingdom. That young boy could’ve never imagined that one day he would get the chance to lead this extraordinary company as the seventh CEO in its nearly 100-year history.”A Variety and iHeartRadio Podcast“I intend to double down on the exact same strategies that Bob [Iger] has established 15 years ago that have served us so well,” Chapek told Bloomberg TV after the news had been announced, adding that the “core of everything… is really our creative storytelling.” Chapek will continue to report to Iger and be appointed to the board of directors at a later date."Right now the course that Bob has laid is one that we fully intend to follow and I think will pay dividends to shareholders for years to come," Chapek said.Get this delivered to your inbox, and more info about our products and services. The 60-year-old, who has been married to his college sweetheart for more than 40 years, has three children and three grandchildren. Aylwin B. Lewis 7. We want to hear from you."With everything else falling into place, the time seemed right," Iger said.Sign up for free newsletters and get more CNBC delivered to your inboxOn a call with investors shortly after the announcement, Iger addressed the timing of his announcement, which happened 22 months before he was expected to retire at the end of 2021.