There’s been a major shake up in the “House of Mouse” As the Walt Disney Company has released a press release confirming CEO Bob Iger is stepping down, effective immediately. As of February 25, Bob Chapek, Disney’s Parks, Consumer Products and Studio Businesses leader is the company’s CEO.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of 21st Century Fox well under way, I believe this is the optimal time to transition to a new CEO,” Iger said in the statement. “I have the utmost confidence in Bob [Chapek] and look forward to working closely with him over the next 22 months.”

Iger’s new position will be directing Disney’s Creative Endeavors and leading its board of directors before his contract expires on December 31, 2021.