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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.

Washington D.C., Jun 7: South Korean pop band BTS and their record label Big Hit Entertainment have donated USD one million to support Black Lives Matter.

According to Variety, the donation was transferred earlier this week, with Black Lives Matter confirming receipt to the label on Friday.

"Black people all over the world are in pain at this moment from the trauma of centuries of oppression. We are moved by the generosity of BTS and allies all over the world who stand in solidarity in the fight for Black lives," the outlet quoted Kailee Scales, managing director for Black Lives Matter as saying.

The widely lauded band, earlier on Wednesday, took to Twitter to show their solidarity with the people fighting against the social injustice.

"We stand against racial discrimination. We condemn violence. You, I and we all have the right to be respected. We will stand together," the tweet read.

The pledge of the donation from the Korean boy band and its label comes during a time when people and celebrities from the industry have come forward to demonstrate their support for the black community.

Several big names from the music and acting industry also observed 'Blackout Tuesday' earlier the week as a message of solidarity in response o the death of George Floyd, an African-American man in the United States.

Mumbai, May 30: Actor Vaani Kapoor on Saturday said she will go on a virtual date with five people as part of an initiative to raise money for daily wage earners, who have been affected due to the nationwide lockdown implemented to rein in coronavirus.

Vaani has teamed up with actor Arjun Kapoor's sister Anshula Kapoor’s online fundraising platform, Fankind, to raise funds for daily wage workers.

Vaani and Fankind have come together to provide five of her fans a chance to go on a virtual date with her - by donating to provide food to daily wage workers.

“As human beings, we will need to come forward and support as many people as possible in need due to the coronavirus pandemic in our country. I’m doing my bit to support the daily wage earners of our country and their families who are in dire situations given the lockdown.

“My activity, in which five lucky winners can have a virtual date with me, will see us collect funds to help feed them and their families across the country," Vaani said in a statement.

Earlier, Arjun too supported the initiative to help daily wage earners.

According to the press release, the funds will go to GiveIndia, a non-profit organisation, which will provide hot cooked meals to wage earners and their families. Each meal costs Rs 30 and will be delivered in various areas of Maharashtra, Bangalore, and Chennai.

A.T.E. Chandra Foundation has also come on board and will be adding 25 percent of the total donation value collected as a matching amount, thereby multiplying the impact, the release said.