The Walt Disney Company on Tuesday named 27-year Disney veteran Bob Chapek as its new CEO, replacing longtime Chief Executive Officer Bob Iger.

Iger will become executive chairman, according to a Tuesday Associated Press report.

Chapek most recently served as chairman of Disney Parks, Experiences and Products.

Iger, who announced his intention to step down as CEO in April 2019, will remain chairman through the end of his contract, which expires at the end of 2021.

The 69-year-old succeeded Michael Eisner as CEO in 2005. He was rumored to be a potential Democratic candidate for president, but publicly stated last year he had no plans to run.