Walt Disney Co. names Bob Chapek new CEO. Bob Iger to stay on as company chairman

The Walt Disney Company has named a new CEO.Bob Chapek is replacing Bob Iger, effective immediately, the company announced Tuesday.Chapek, 60, who has been with the company for 27 years and was most recently chairman of Disney Parks, Experiences and Products, a position created in 2018, will take over Disney's day-to-day operations, the company says.That will allow Iger, who will stay on as executive chairman through Dec. 31, 2021, to focus on the company's overall creative vision and strategy over his remaining two years with the company.The time was right for Iger to step down as CEO, he said, now that Disney had successfully launched Disney+ in November 2019 and consolidated into the fold the Fox movie and television studios, acquired in a $71.3-billion transaction that closed in March 2019.Stock market turmoil:Dow tumbles nearly 900 points, bond yields slide on fears coronavirus will sting economy'An economic pandemic':The coronavirus is becoming a bigger threat to the U.S., economists say"We feel that this change gives us the ability to manage the company much more effectively ...