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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.

Tightening control over companies misleading advertisements of medicines and products, the Indian government could soon slap a fine of up to Rs10 lakh and up to two years' imprisonment. While repeat offender could be fined up to Rs50 and imprisonment up to five years.

The Ministry of Health and Family Welfare's new draft of the Drugs and Magic Remedies (Objectionable Advertisements) (Amendment) Bill, 2020, provides extremely stringent penalties compared to the current law.

Under the new Act, companies advertising medicines and products falsely claiming to make a person fairer, improve height and memory or cure issues like hair loss or greying and premature ageing, among several others, may attract more stringent fines and jail time.

The current Act, 1954, leaves scope for companies to create deceptive advertisements as first time offender can be jailed for six months while repeat offender can be up to one year in prison, reported The Indian Express.

Under the Bill, deceptive advertisements will cover digital advertising, notice, circular, label, wrapper, invoice, banner and poster, among others. The government also plans to expand the scope of the law under the proposed amendments to cover 24 more deceptive claims not included in the current law, like medicines that can cure AIDS, change the sex of a foetus, among others, reported Livemint.

Los Angeles, Jul 1: Bollywood stars Alia Bhatt, Hrithik Roshan and costume designer Neeta Lulla are among the 819 artistes and executives who have received invitations to join the Academy of Motion Picture Arts and Sciences (AMPAS).

Bhatt's last movie, the Zoya Akhtar-directed Gully Boy was India's official entry for best international feature category at the 2019 Oscars. However, the film had failed to make it to the final five.

Other prominent Indian names to receive invitations are casting director Nandini Shrikent, documentary filmmakers Nishtha Jain, Shirley Abraham, Amit Madheshiya, visual effects supervisors Vishal Anand and Sandeep Kamal.

In a statement, the Academy said the new invitees include 36 per cent of people of colour and 45 per cent women. Artistes from 68 countries have been invited as members.

Those who accept the invitation will have voting rights at the 93rd Academy Awards, scheduled to be held on April 25, 2021.

"The Academy is delighted to welcome these distinguished fellow travellers in the motion picture arts and sciences. We have always embraced extraordinary talent that reflects the rich variety of our global film community, and never more so than now," Academy President David Rubin said.

The Academy has been actively working to introduce more diversity in its voting to avoid a controversy like 2016 when the Oscars were dubbed "white" for failing to recognise talents of colour.

The 2020 batch boasts of major Hollywood names like Cynthia Erivo, John David Washington, Constance Wu, Zazie Beetz, Florence Pugh, Zendaya, Awkwafina, Yalitza Aparicio, Mackenzie Davis, Ana de Armas, Adele Haenel, Thomasin McKenzie, Olivia Wilde and others.

The stars of multiple Oscar-winning South Korean movie Parasite -- Jang Hye-Jin, Jo Yeo-Jeong, Park So-Dam and Lee Jung-Eun -- are among the invitees.

Directors Lulu Wang, Ari Aster, Terence Davies, Matthew Vaughn, Robert Eggers, Matt Reeves, Alma Har’el are on the list as well.

The Academy has announced a new five-year plan that includes implementing inclusion standards for nominees.

"We take great pride in the strides we have made in exceeding our initial inclusion goals set back in 2016, but acknowledge the road ahead is a long one.  We are committed to staying the course.

"We look forward to continuing to foster an Academy that reflects the world around us in our membership, our programs, our new Museum, and in our awards," Academy CEO Dawn Hudson said.

In 2019, the organisation had invited 842 new members which included Indian names such as filmmakers Zoya Akhtar, Anurag Kashyap and veteran actor Anupam Kher.