Walt Disney CEO Bob Iger is resigning, The Independent reported. 

Bob Chapek, who previously chaired the Disney theme parks experience, product team, will replace Iger.

Iger will continue to lead the board until December 31, 2021.

Iger headed Disney in 2005 and became one of the highest paid executives in the company. In 2018, his salary amounted to $ 65.5 million. Under his leadership, the corporation has acquired industry giants such as Pixar, Marvel, Lucasfilm and Twenty-First Century Fox. And it increased its capitalization by five times.

Chapek will be the seventh CEO in Disney history.