BREAKING NEWS: The CEO of walt disney company, Bob Iger, was involved in a serious car accident just now…

Robert “Bob” Iger, the longtime leader of the Walt Disney Company, is stepping down as CEO effective immediately, the company announced Tuesday.

Iger, who has led the company since 2005, will stay on as executive chairman in charge of “creative endeavors” until his contract ends on Dec. 31, 2021, the company said.

Iger, 69, said he felt it was the “optimal time” for a change a leadership.

Iger joined ABC in 1974 and became chairman of the Disney-owned ABC Group in 1999. In this role, he oversaw the broadcast television network and the company’s radio and publishing businesses.

He became CEO of Walt Disney Company in 2005. During his 15-year tenure at the helm, he helped lead Disney’s acquisitions of Pixar, Marvel, Lucasfilm and most recently 21st Century Fox.