Bob Iger has stepped down as CEO of the Walt Disney Company and has been immediately replaced by Bob Chapek as the new CEO.

Disney, the owners of Star India, announced on Tuesday after the close of trading that Iger would be stepping down as CEO and appointed executive chairman.

Bob Chapek, previously Disney’s chairman of parks, experiences and products will take over as CEO.

Chapek said. “Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

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