Bob Eiger -- the "King of Hollywood" -- on Tuesday departed his role as CEO of The Walt Disney Company 22 months before his scheduled retirement at the end of 2021. His resignation is effective immediately.

Eiger will, however, stay on as executive chairman of Disney's Board of Directors until December 31, 2021, and will now direct the company's creative endeavors. He was replaced by Bob Chapek, chairman of Disney Parks, Experiences and Products.

The man that added Star Wars through Lucasfilm, Marvel Studios, Fox and Pixar to the Disney entertainment empire said he decided to step down immediately because he wants to focus on the creative side of the business is given the completion of his major projects like the Fox merger and launch of the Disney+ streaming service in November 2019.

"With everything else falling into place, the time seemed right," said Iger.

Eiger was named President and COO of Disney in 2000 and succeeded Michael Eisner as CEO in 2005. Under Iger's leadership, Disney became the leading movie studio in the U.S., due mainly to Marvel superhero movies, and boosted revenues across its many divisions. Disney's market capitalization jumped from $48.4 billion to $231 billion as of February 25.

"With the successful launch of Disney's direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO," said Iger in a statement.

Iger said he has the "utmost confidence" in Chapek and looks forward to "working closely with him over the next 22 months as he assumes this new role."

Chapek, who has little experience in Disney's media and direct-to-consumer businesses said he looks forward to working closely with Iger over the next 22 months.

"I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world," said Chapek. "Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team."

Chapek has very large shoes to fill, however. His predecessor was responsible for making Disney the media powerhouse it is today with major acquisitions and content plays. Iger launched Disney+, immediately making Disney one of the most popular streaming service providers. Disney+ had 26.5 million paying subscribers during the first quarter of 2020.

Iger also expanded Disney's already-strong content library with several important acquisitions. He launched and completed Disney's $71 billion acquisition of Fox's entertainment business that added more content to its streaming library.