By Justin Pei
Rochester — Dow Jones shares of Walt Disney Co (DIS.N) fell 2% on Wednesday following the company’s announcement that longtime CEO Bob Iger will step down immediately. Bob Chapek, chairman of Disney Parks, Experiences and Products will become the new CEO.
Chapek headed Disney’s parks business, its largest, and oversaw the opening of Disney’s first theme park and resort in mainland China as well as the creation of Star Wars: Galaxy’s Edge at both Disneyland and Disneyworld.
Iger will continue to remain at the company as executive chairman through 2021, focusing on the company’s “creative endeavors”.
As a result, some investors are skeptical about the change of a long-serving and well regarded CEO.
Disney shares were down 2.1% at $125.5 per share in premarket trading and closed at $128.19 per share during late day trading.
