The Faber Report

Bob Iger on stepping down as Disney CEO: 'I don't want to run the company anymore'

Key Points
  • Disney's Bob Iger elaborated a bit Wednesday on his stunning decision to step down as CEO and become executive chairman effective immediately.
  • The long-tenured chief told CNBC's David Faber he wants to concentrate on Disney's creative pipeline.
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Iger to CNBC: I don't want to run the company anymore

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.

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Disney's Bob Iger steps down from CEO role—Here's what three analysts say about the move

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.

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WATCH: CNBC's full interview with Iger and Chapek

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CNBC's full interview with Disney's Bob Iger on why he's stepping down as CEO