BURBANK, Calif. (WLNS) – A Michigan State University graduate has been named Chief Executive Officer of The Walt Disney Company, effective immediately.

Bob Chapek earned an MBA from MSU and most recently served as Chairman of Disney Parks, Experiences and Products.

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Mr. Chapek said.

Former CEO Bob Iger will remain executive chairman through the end of his contract Dec. 31, 2021, according to reports by the Associated Press.

“Bob (Chapek) will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century,” said Iger.

In Mr. Chapek’s new role as CEO, he will directly oversee all of the Company’s business segments and corporate functions. Mr. Chapek will report to the Executive Chairman, Mr. Iger, and the Board of Directors. He will be appointed to the Board at a later date. A new head of Disney Parks, Experiences and Products will be named at a future time.