Walt Disney Co. said Bob Iger is stepping aside as the company's longtime chief executive, with Disney Parks head, Robert Chapek, assuming the role immediately.

Mr. Iger will assume the role of executive chairman and will steer the company's creative endeavors through his contract's end on Dec. 31, 2021.

Mr. Chapek is chairman of Disney Parks, Experiences and Products since the unit was created in 2018. He will report to Mr. Iger and become a board member at a later date, Disney said.

(Story to be updated)

(END) Dow Jones Newswires

February 25, 2020 16:51 ET (21:51 GMT)

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