Closing out one of the most successful runs as CEO, Bob Iger is stepping down and being replaced by Bob Chapek as head of Walt Disney.

Iger has been CEO of Walt Disney for 14 years, and helped the company grow to one of the biggest entertainment powerhouses in the world. Under his leadership, Disney purchased Pixar, Marvel Entertainment and Lucasfilm, bringing some of the most beloved franchises and entertainment properties under Disney’s umbrella. More recently, the company unveiled its own streaming service, which has already been a hit with consumers.

“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,” Mr. Iger said. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”

Mr. Iger continued: “Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”

To help ensure a smooth transition, Iger will take on the role of Executive Chairman and lead the company’s Board, as well as creative endeavors, till the end of 2021.