Walt Disney Co. DIS, -1.22% said late Tuesday Chief Executive Bob Iger is stepping down, taking the role of executive chairman through 2021. Disney's board of directors named Bob Chapek the company's new CEO, effective immediately. Chapek most recently served as chairman of Disney Parks, Experiences and Products, the company said. Iger "will direct the company's creative endeavors, while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021," Disney said. Disney shares fell 2.4% in the extended session after ending the regular trading day down 3.6%.