Disney Slips After Iger Steps Down as CEO in Surprise Move (1)

Walt Disney Co. shares slid after Chief Executive Officer Bob Iger abruptly stepped aside and handed the reins to theme-parks head Bob Chapek, ending years of speculation over who would succeed him atop the world’s largest entertainment company.

Chapek, 60, who led Disney’s theme parks and consumer products businesses, takes over immediately, the company said Tuesday. Iger will stay to direct the company’s creative endeavors as executive chairman through 2021.

Bob Chapek

Photographer: Patrick T. Fallon/Bloomberg

With the appointment, Chapek lands one of the most coveted jobs in entertainment. He’s a 27-year company veteran who led Disney’s home-video business during the DVD era, before ...