(Yicai Global) Feb. 26 -- The Walt Disney Company announced yesterday that Bob Chapek has been named Chief Executive Officer as Bob Iger's successor, effective immediately.

Chapek, a 27-year Disney veteran, served as Chairman of Disney Parks, Experiences and Products since the segment's creation in 2018, overseeing the Company's largest business segment, with operations around the globe and more than 170,000 employees worldwide. Prior to that, he was Chairman of Walt Disney Parks and Resorts since 2015.

Iger will remain Executive Chairman through the end of his contract on Dec. 31, 2021.

"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 the statement.

Editor: Xia Ruirui