The Bob Iger era of The Walt Disney Company is officially coming to a close.

In a press release sent out on Tuesday (February 25) afternoon, The Walt Disney Company announced that Bob Iger is officially stepping down from his role as CEO of the company.

In lieu of Iger’s decision to step down, Disney has announced that Bob Chapek, Chairman of Disney Parks, Experiences and Products, has been named Chief Executive Officer of The Walt Disney Company, effective immediately.

Iger’s contract with The Walt Disney Company actually isn’t set to expire until December 31, 2021., so he’ll be staying on “to ensure a smooth and successful transition” until then as Chapek takes over.

In a statement announcing the big news, Iger shed some light on why he felt as though this was the perfect time for him to make an exit.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well under way, I believe this is the optimal time to transition to a new CEO,” said Iger. “I have the utmost confidence in Bob [Chapek] 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.”

In addition, Iger touted Chapek’s 27 years of work at The Walt Disney Company, saying: “Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”

Meanwhile, Bob Chapek said he is “honored and humbled” to succeed Bob Iger as CEO of The Walt Disney Company.

“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,” said Chapek via statement. “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 have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

Iger, who first took over as CEO back in 2005, has held the position for the past 15 years. During his tenure Iger bolstered the brand by notably facilitating the acquisitions of Pixar Animation Studios, Marvel, Lucasfilm, and most recently, 20th Century Fox.

There’s no denying Iger certainly left his mark on the company during his tenure. In turn, it’ll be interesting to see how Chapek ushers Disney into the new decade as the new CEO.