Bob Iger has spoken out about why he decided to step down as the CEO of Disney a year before his contract was scheduled to end.
'I don't want to run the company any more,' Iger told CNBC host David Faber in a phone call on Wednesday morning, following his surprise resignation on Tuesday evening.
Iger will assume the role of executive chairman and focus his energy on delivering creative input on Disney's films and series, while former theme parks boss Robert Chapek will take over day-to-day management of the company.
Regarding his switch to executive chairman, a post Iger will hold at least through the end of his contract in December 2021, Iger said 'there is no rule book' for how these transitions go.
Iger told Faber that his desire to step down strengthened around Thanksgiving of 2019, and that he raised the issue with the board around that time.