Bob Iger's legacy at Disney: Professor

Disney announced Tuesday that Bob Iger will step down as Disney CEO and assume the role of executive chairman. Bob Chapek, who most recently served as chairman of Disney parks, experiences and products, will assume the role of CEO, effective immediately. Walter Isaacson, Tulane professor and an advisory partner at Perella Weinberg Partners, joins "Squawk Box" to discuss.

Disney’s Bob Iger elaborated a bit Wednesday on his stunning decision to step down as CEO and become executive chairman effective immediately.

“I don’t want to run the company anymore,” Iger said via phone, a day after his announcement.

The long-tenured chief cited 20 years and 81 earnings calls and said he wants to concentrate on the creative pipeline of the company.

Iger told me his desire to step down coalesced around Thanksgiving when he raised it with the board, which had already been targeting candidates.

Bob Chapek, who most recently was chairman of Disney parks, will become the CEO. Iger will remain as executive chairman through 2021, focusing on the creative strategy of the company.

When it comes to the long transition, Iger told me there is “no rule book on this stuff” and this is what works for the company.

Disney shares were down slightly in early trading Wednesday.

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