Disney announced yesterday that Bob Iger is stepping down as CEO of The Walt Disney Company. Bob Chapek, a 27-year Disney veteran, will take Iger’s place effective immediately.

Chapek will be the seventh CEO in Disney’s almost 100-year history and will be tasked with leading the way into a new century for the iconic company. In Iger’s 15 years as CEO, Disney acquired Pixar, Marvel, LucasFilm, and 20th Century Fox. It also launched the streaming service Disney+.

In 27 years with Disney, Chapek has proven his leadership through Disney’s parks, consumer products, and studio businesses. He most recently held the title of chairman of Disney Parks, Experiences, and Products and oversaw the addition of new rides across the parks, the opening of mainland China’s first Disney park, and an expansion of the Disney Cruise Line.

Iger will continue to work with Disney until his contract expires in Dec. 2021. He is taking on the role of executive chairman where he will oversee creative endeavors and ensure a smooth transition for those who follow him.