Disney boss unexpectedly steps down

Disney boss Bob Iger announced unexpectedly late on Tuesday that he would be exiting the media company and stepping down as chief executive officer.

Disney also said that it had appointed Bob Chapek as his successor. Chapek previously ran the company’s parks and products division.

Susan Arnold, the independent lead director of the Disney board said succession planning had been ongoing for several years. Chapek will become the seventh CEO in Disney history.

However, Iger would stay on as Disney's executive chairman until the end of 2020 to direct "creative endeavours".

Iger has been in the top role at the media company since 2005 and had already said he would be retiring soon only to later push back the date.

In a statement on Tuesday, Iger said it was the "optimal time" to begin to hand control of the company to a new leader.

"The company has gotten larger and more complex just in the recent 12 months," Iger said. "I felt that with the asset bases in place and with our strategy deployed I should be spending as much time as possible on the creative side of our business."

During Iger’s lead, the company has completed acquisitions of 21st Century Fox, Pixar, Marvel and Lucasfilm as well as launching its own streaming service Disney+.

Shares in the firm giant fell 2% in after-hours trading after the news was announced.