This afternoon, one of America’s most respected CEO’s has unexpectedly chosen to step down from his position.

Bob Iger has just announced that he is going to be departing from his position as CEO of Disney, and has now assumed the position of executive chairman. He will stay at this position until his contract with Disney ends next December. Meanwhile, Bob Chapek, recently the chairman of Disney Parks, Experiences and Products, has been announced as the new CEO.

Iger’s sudden announcement proved shocking to employees and rival media executives alike. Despite speculation about a health crisis or a late entry into the 2020 presidential race being his reason for exit, Iger stated that he is leaving because he wants to spend more time on the “creative side” of the company. “I could not do that if I had to run the company on a day to day basis,” he noted on an investor call.

Iger has been the CEO of the Walt Disney Company since 2005, when he succeeded Michael Eisner. During his time as CEO, 21st Century Fox, Pixar, Marvel Studios, and Lucasfilm have all flourished, and created films that shattered box office records. Although Iger will be leaving Disney permanently in 2021, he is eager to be spending his time as executive chairman. “I’ve been with the company for 45 years, and was in the CEO job for 15 of those years… it’s been a fun run,” Iger commented in an interview with CNBC.

Meanwhile, both Iger and the Walt Disney Company have high hopes for Chapek in fulfilling his new position of CEO. According to Iger, he had been considered as a “likely candidate” for several years before Iger formally stepped down. Of his new position as CEO, Chapek has commented, “I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world. 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.”