The man who may be the second most-important person in the history of Disney, behind only Walt himself, is stepping down.

Bob Iger has stepped down as CEO of the Walt Disney Company (DIS), effective immediately. Bob Chapek is the new CEO, the board of directors announced on Tuesday. He most recently served as chairman of Disney Parks, Experiences and Products.

Iger has assumed the role of executive chairman and will direct the company's creative endeavors, the company said. Iger will stay on at Disney through the end of this contract on December 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 statement.

"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 a statement. "Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team."

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Bob Chapek has replaced Bob Iger as Disney's CEO. Bobs replacing Bobs: it's the Circle of Life.

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The announcement caught Disney employees and rival media executives off guard. Some said they were stunned and "in shock" about his sudden departure from the CEO seat.