Change is coming to the Disney empire. Bob Iger is stepping down.

Chapek was Disney’s Parks, Experiences and Products chairman before being named its CEO. The transition is effective immediately, while Iger remains as executive chairman until December 31, 2021.

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

Iger wanted to step down last year but wanted to see the launch of Disney+ go smoothly first. In his tenure, Iger has overseen the acquisition of Marvel Studios, Pixar, Lucasfilm, and Fox. Disney+ has also been a boon for the company, with the streaming service reaching 28.6 million subscribers as of early February 2020.

Iger leaves Disney in better shape than when he took over. The future is bright for Disney as a company and all of that is because of the vision of Iger.