Disney's CEO, Bob Iger, will officially be stepping down from the company in mid-2019.
Iger broke the news at this year's VF Summit, saying “I am leaving Disney in mid-2019. This time I mean it."
Iger was first named as President and COO of Disney in 2005, taking one the role of CEO in 2005. Many credit Iger for helping grow Disney into the multimedia empire it is today, helping acquire beloved properties such as Pixar, Marvel, and Lucasfilm.
This isn't the first time that Iger has addressed his 2019 departure, previously hinting at it at a tech conference earlier this year. It is currently unknown who will succeed Iger, with the CEO extending his contract until 2019 to give Disney's board time to find a successor.
“Succession is a complicated thing, and I felt and the board felt, we could use more time to create a better transition,” Iger said back in March. "I feel great about it. I’m serious this time around.”
As for what Iger will do after he steps down from Disney, Iger said that it's currently unclear.
"I'll figure it out when I have to figure it out," Iger explained, "but it's premature right now."