BREAKING: Bob Iger Fired Out The Cannon!

Bob Iger is out. The Disney Company announced he's gone.

The Walt Disney Company has fired Bob Iger out the cannon. This announcement is shocking.

Iger managed to bring 20th Century Fox, LucasFilms, Pixar, Marvel Studios and ABC into the fold.

Iger is stepping down immediately, the company said in a surprise announcement on Tuesday.

The Walt Disney Company named his replacement soon after. Bob Chapek, the most recent chairman of Disney theme parks and products will take over as the CEO.

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 ESPN sport networks, the newly acquired Fox studios and the Hulu and Disney+ streaming services.

"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 had been CEO of Disney since 2005, and according to the Walt Disney Company, Chapek has spent "nearly three decades at Disney."

"Before becoming the 7th CEO in Disney's nearly 100-year history, Mr. Chapek served as Chairman of Disney Parks, Experiences and Products since the segment's creation in 2018, and prior to that he was Chairman of Walt Disney Parks and Resorts since 2015," his new biography on the Walt Disney Company website reads. "Mr. Chapek also served as president of Distribution for The Walt Disney Studios, where he managed the Company’s film content distribution strategy across multiple platforms, and later as president of Walt Disney Studios Home Entertainment, where he led the organization to record-setting performances and played a key role in the commercialization of the Studio's film business."

In a statement, Iger said, "With the successful launch of Disney's direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO."

Bob Iger steered Walt Disney Company towards success.

"I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney's multifaceted global businesses and operations, while I continue to focus on the Company's creative endeavors," he continued, adding that Chapek "has proven himself exceptionally qualified to lead the Company into its next century."

Chapek said, "I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees."

"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," Chapek continued. "I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward."