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.
Correction: This story was revised to correct the day of Iger's announcement. It was Tuesday.
Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.