Disney CEO Bob Iger has stepped down from the role to concentrate on directing the company's creative output, with Disney veteran Bob Chapek taking the reins at the head of the organisation.

Iger's contract with Disney expires at the end of 2021, and as well as overseeing its creative endeavours, he will also assume the role of executive chair, leading the board of directors until that time. Stepping down now also allows him to help Chapek settle into the CEO position under his guidance, with Chapek promoted from his role as chair of Disney Parks, Experiences and Products.

Speaking on an investor conference call, Iger said that on the back of the acquisition of Fox media assets and launching the Disney+ direct-to-consumer business, it was important to spend as much time as possible on the creative side, which "becomes the biggest priority". He felt he was unable to do so while running the business on a day-to-day basis.

In the company's press release, Iger paid tribute to Chapek as having proven himself "exceptionally qualified" to lead Disney. He said: "Throughout his career, Bob has led with integrity and conviction, always respecting Disney's rich legacy while at the same time taking smart, innovative risks for the future."

Chapek said he was "honoured and humbled" to lead "the greatest company in the world". He continued: "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've achieved so far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking."

During Chapek's tenure as chair of Disney Parks, Experiences and Products, he has overseen the opening of Disney's first theme park and resort in mainland China, the creation of the new Star Wars: Galaxy's Edge lands at Disneyland and Walt Disney World, and the addition of Marvel-inspired attractions around the world.

Disney said it had considered candidates from both within and outside the organisation to replace Bob Iger, but Chapek was the unanimous choice. It added that a new head of Disney Parks, Experiences and Products will be named in the future.