Bob Iger has stepped down as CEO of the Walt Disney Company effective immediately, with Bob Chapek replacing him. According to CNN, Iger will assume the role of executive chairman and will be at the helm of the company's creative side while Chapek—formerly chairman of Disney Parks, Experiences and Products—leads the company. “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 statement, adding that he had the “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 in his own statement. Iger reportedly told investors in a call that he felt now was the best time to step aside in order to spend more time with Disney's creative projects. “I could not do that if I had to run the company on a day to day basis,” he said.