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New York, Feb 26: Disney CEO Bob Iger, who steered the company’s absorption of Star Wars, Pixar, Marvel and Fox’s entertainment businesses and the launch of a Netflix challenger, is stepping down immediately, the company said in a surprise announcement Tuesday.

The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney’s parks, experiences and products business.

“Did not see this coming -- Wowza,” tweeted LightShed media analyst Rich Greenfield.

Iger will remain executive chairman through the end of his contract on Dec. 31, 2021. Besides leading the board, Iger said he will spend more time on Disney’s creative endeavors, including the ESPN sports network, the newly acquired Fox studios and the Hulu and Disney Plus streaming services. He said he could not do that while running Disney on a day-to-day basis.

“It was not accelerated for any particular reason other than I felt the need was now to make this change,” Iger said on a conference call with reporters and analysts.

Iger steered Disney through the successful purchases of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney. Last year, the top five movies in U.S. and Canada theaters were all Disney movies, including two from Marvel and one from Pixar. With the Dec. 20 release of the latest “Star Wars” movie, Disney had seven movies that each sold at least $1 billion in tickets worldwide last year.

Iger’s most recent coup was orchestrating a $71 billion purchase of Fox’s entertainment business in March and launching the Disney Plus streaming service in November. That service got nearly 29 million paid subscribers in less than three months. In a statement, Iger said it was the “optimal time” for a transition.

Pivotal Research Group analyst Jeffrey Wlodarczak said Iger had implied he would stay until his contract ended in 2021.

“On the other hand, they just successfully closed the Fox deal and had an unquestionably successful launch of Disney Plus so maybe he felt earlier was better to hand off the reins,” he said.

Colin Gillis, director of research at Chatham Road Partners, said the choice of Chapek seems solid because his parks division has had success.

Chapek said that while he has not led television networks or streaming services, his background in consumer-oriented businesses should help. Chapek and Iger both stressed that Disney would continue on the direction it had already been taking.

Disney is facing challenges to its traditional media business as cord-cutting picks up, meaning less fees from cable and satellite companies to carry Disney networks such as ABC, ESPN and Freeform. Disney’s own streaming services require the company to forgo money in licensing revenue, although the company is betting that money from subscriptions will eventually make up for that.

In the short term, Disney parks in Hong Kong and Shanghai, China, remain closed because of the coronavirus outbreak. In a CNBC interview, Chapek said the outbreak may be a “bump in the road,” but he said the company could weather it given “affinity for the brand.”

Iger told CNBC he had no plans to stay with Disney beyond next year.

Iger’s appointment as CEO in 2005 had been accompanied by controversy and protest from dissident shareholders Roy E. Disney and Stanley Gold. But he has come to be seen as a golden-boy top executive, and even someone who could run for president.

Iger told Vogue in 2018 that he had started seriously exploring a run for president because he is “horrified at the state of politics in America today,” but the Fox deal stopped his plans. Oprah Winfrey told Vogue that she “really, really pushed him to run.”

Iger, a former weatherman, joined ABC in 1974, 22 years before Disney bought the network.

At ABC, Iger developed such successful programs as “Home Improvement,” “The Drew Carey Show,” and “America’s Funniest Home Videos” and was instrumental in launching the quiz show “Who Wants to Be a Millionaire.” He was also criticized for cancelling well-regarded but expensive shows such as “Twin Peaks” and “thirtysomething.”

Since Iger became CEO, Disney’s stock price has risen fivefold. Its stock fell more than 2% in extended trading following the announcement, on top of a broader market selloff on virus fears during regular trading.

Iger, 69, was the second-highest paid CEO in 2018, as calculated by The Associated Press and Equilar, an executive data firm. He earned $65.6 million. The top earner was Discovery’s David Zaslav who earned $129.5 million.

Susan Arnold, the independent lead director of the Disney board, said succession planning had been ongoing for several years.

Chapek, 60, is only the seventh CEO in Disney history. Chapek was head of the parks, experiences and products division since it was created in 2018. He was previously head of parks and resorts and before that president of consumer products.

London, Feb 12: Oscar-winning British director Steve McQueen is returning to his art roots with a series of short films at London's Tate Modern art gallery, offering a sensory exploration of black identity.

McQueen, who became the first black director to win the best picture Academy Award in 2014 for "12 Years a Slave", is now based between London and Amsterdam and is focused on championing diversity in the film industry.

Visitors to his new exhibition will be greeted by "Static", a film of New York's Statue of Liberty, scrutinising the iconic symbol from every possible angle at very close range against a deafening backdrop of the helicopter from where the footage was filmed.

"What interests Steve is our view of the world, how humans are trying to represent Liberty," said Fiontan Moran, assistant curator of the exhibition.

"7th Nov, 2001" features a still shot of a body while McQueen's cousin Marcus tells of how he accidentally killed his brother, a particularly traumatic experience for the artist.

"Western Deep" is another visceral work, giving a sense through sights and sounds in an interactive installation of the experiences of miners in South Africa, following them to the bottom of the mine.

"Ashes", meanwhile, is a tribute to a young fisherman from Grenada, the island where McQueen's family originated.

The images of beauty and sweetness filmed from his boat are tragically reversed on the other side of the projection screen, which shows a grave commissioned by McQueen for the eponymous young fisherman, who was killed by drug traffickers.

African-American singer, actor and civil rights activist Paul Robeson (1898-1976) is honoured in "End Credits".

The film shows censored FBI documents detailing the agency's surveillance of Robeson, read by a voice-over artist, for five hours.

"He is... testing the limits of how people can be documented in an era of mass surveillance," said Moran.

In a similarly militant vein, the exhibition features the sculpture "Weight", which was first shown in the prison cell where the writer and playwright Oscar Wilde was imprisoned.

It depicts a golden mosquito net draped over a metal prison bed frame, addressing the theme of confinement and the power of the imagination to break free.

The show runs alongside an exhibition of McQueen's giant portraits of London school classes, many of which appeared on the streets of London last year.

"I remember my first school trip to Tate when I was an impressionable eight-year-old, which was really the moment I gained an understanding that anything is possible," said McQueen, adding it was "where in some ways my journey as an artist first began".

He recently told the Financial Times newspaper the difference between his art films and his feature films was that the former were poetry, the latter like a novel.

"Poetry is condensed, precise, fragmented," he said. "The novel is the yarn".

The exhibition opens on February 13 and runs until May 11.