Disney CEO Bob Iger announced that he was stepping down Tuesday, with the multi-media company immediately naming Bob Chapek as his replacement. Chapek recently served as chairman of Disney Parks, Experiences and Products.

"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.

Iger, 69, will remain the company’s executive chairman through the end of 2021. He has said that he has “utmost confidence” in Chapek.

"I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world," Chapek said. "Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team."

Iger, who in 2019 was named by Time magazine as Businessperson of the Year, took over the CEO role from Michael Eisner in 2005. Iger expanded Disney in a variety of ways, most recently with the successful launch of the Disney Plus streaming service in November, which now has 26.5 million paying subscribers.

The Los Angeles-based company also acquired Marvel Studios and Lucasfilm under Iger's leadership, along with “Toy Story” creator Pixar Animation Studios. In addition, Disney bought 21st Century Fox in March for $71.3 billion.

Other successes during his tenure include the opening of the Shanghai Disneyland Park in 2016 and the inauguration of a “Star Wars”-themed area at several Disney resorts in 2019.