Disney: shares fall after CEO quits

(CercleFinance.com) - Disney shares fell on Wednesday after the US media giant unexpectedly announced the resignation of Bob Iger, its CEO for the past 15 years.


Late on Tuesday, Disney said that Bob Chapek - the chairman of its parks, experiences and products division - had been named chief executive immediately.

The executive, who has been working for the company since 1993, will become the seventh CEO in Disney's nearly 100-year history.

Iger will now assume the role of executive chairman, and will direct the company's creative activities.

"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.

Before he leaves, Disney has been scouting around for a successor for several years, considering both internal and external candidates.

Disney shares were down 1.2% in early trading on Wednesday, making them the worst performer on New York's benchmark Dow Jones index.

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