We don’t spend a lot of time here talking about the corporate side of entertainment, but when a story this big breaks, it’s worth bringing to you. Deadline is reporting that Bob Iger has stepped down as the CEO of The Walt Disney Corporation, effective immediately. He will be staying on as the Executive Chairman of the company until the end of his contract on December 31, 2021. In his place, Bob Chapek will step up as the newest head of the house of mouse. Chapek is an internal promotion for the company and will be moving up to the job from his current position as the chairman of Disney Parks, Experiences and Products.

Here’s what Iger had to say about the move:

“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. 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.”