Iger said that he felt it was time to make the change. He will remain the executive chairman until his current contract ends on December 31, 2021. He also plans to spend more time on Disney’s creative work, including Hulu, Disney+, and Fox.
Disney is doing well financially, but still faces challenges. It’s traditional media businesses are losing subscribers to cord-cutting, and its parks in Shanghai and Hong Kong and are temporarily closed due to the coronavirus.