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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.

Jun 25: Bollywood star Sushant Singh Rajput’s last movie “Dil Bechara” is getting a release on Disney+Hotstar on July 24.

With an aim to honour the legacy of the actor, the streaming platform is making the movie available to even the non-subscribers.

Rajput was found dead at his Bandra home on June 14 at the age of 34.

Billed as a soulful love story, “Dil Bechara” marks the directorial debut of casting director and Rajput's industry friend Mukesh Chhabra. The film is produced by Fox Star Studios.

“We are humbled to be able to play a small part in sustaining the legacy of a fine actor like Sushant Singh Rajput. In celebration of his life and his extraordinary work, 'Dil Bechara' will release directly on digital this July on Disney+ Hotstar; and will be available to all subscribers and non-subscribers across India. Our prayers and wishes to his family and loved ones,” Uday Shankar, President – The Walt Disney Company APAC and Chairman, Star & Disney India, said.

The actor had a long-standing relationship with the STAR & Disney India network, having started his career with the show “Kis Desh Mein Hai Meraa Dil” in 2008 to his Bollywood transition where he delivered some of his most memorable performances in “M.S. Dhoni: The Untold Story” (2016) and “Chhichhore” (2019), both produced by Fox Star Studios.

Chhabra said he never imagined he would release the film without Rajput.

 “Sushant was not just the hero of my debut film as a director, but he was a dear friend who stood by me through thick and thin. We had been close right from 'Kai Po Che!' to 'Dil Bechara'. He had promised me that he would be in my first film.

"So many plans were made together, so many dreams were dreamt together but never once did I ever imagine that I would be left alone to release this film. He always showered immense love on me while I was making it and his love will guide us as we release it,” the director said.

“Dil Bechara” is the official remake of 2014 Hollywood romantic drama “The Fault in our Stars”, which was based on John Green’s popular novel of the same name. The Hindi adaptation of the movie was done by Shashank Khaitan and Suprotim Sengupta.

“Dil Bechara” will see Rajput in a leading role alongside debutante Sanjana Sanghi, and Saif Ali Khan in an interesting cameo.

The music of the film has been composed by AR Rahman and the lyrics are by Amitabh Bhattacharya.

“Dil Bechara” revolves around Kizie Basu (Sanghi) and Immanuel Rajkumar Junior or Manny (Rajput) and explores the funny, thrilling, and tragic adventure of being alive and in love.

Together Kizie and Manny embark on an on-off-up-down-sad and sweet profound journey into the heart of that crazy little thing called life. It teaches them what it means to feel truly alive and fall in love.

Mar 21: Singer Sonu Nigam has decided to extend his stay in Dubai as he believes travelling amid the coronavirus outbreak can put people around him at risk.

The singer was in the Himalayas earlier and wanted to come to Mumbai for a concert scheduled for March 6 but it got postponed due to COVID-19 pandemic.

He then decided to head to Dubai to be with his wife and son and has been there since a few weeks.

"I am fortunate that my wife and my son are in Dubai. My son studies here and I keep travelling here a lot, Dubai is like my second base. But my father, sister are alone in India. I wanted to come back to India and be at my father's side but I realised that if I do that, I'll be exposing him to the risk of me carrying this virus, who knows the extent of the danger," Sonu told

The 46-year-old singer said everybody is taking precautions and he wants to ensure that the health of those around him isn't at risk.

"I thought let's not outsmart the virus. I thought it's better for me to stay for a bit (till things go normal). Coming back to India, and then going in quarantine will still be a risk.

"I came to Dubai and I thought I'll be able to go back to India but I didn't know it's going to be such an issue eventually. But we are fine here."

On Friday, singer Kanika Kapoor become the first Bollywood celebrity to test positive for the deadly virus in the country and has said she is under complete quarantine and medical care.

The UP police later booked the singer for negligence and committing acts that are likely to spread disease dangerous to life after she attended at least three gatherings in Lucknow, including a party where political leaders were present.

When asked if his decision of staying back was in anyway related to what happened to Kanika, Sonu said that wasn't the case.

"The last time I was contemplating coming to India was on March 16 night, but thankfully my flight got cancelled. Then from March 17, there was this regulation from the government of India that you have to go on a self quarantine for 14 days, compulsorily. I decided I shouldn't take a chance. Being a potential carrier is the worst thing," he said

In Dubai, the singer said the family is taking extreme precautions.

"We all are being safe, staying indoors, not gathering with many people. Careless people shouldn't be around you at this point, people who are too brash, that 'oh nothing will happen.' I don't allow such people in my vicinity. I'm.very hygiene conscious anyway." said the singer.

Sonu said he will be conducting a live music concert on his social media on Sunday.