Iger is leaving his position after fifteen years.

In a surprise to both consumers and investors on Tuesday, Disney CEO Bob Iger announced that he would be stepping down from the position, effective immediately.

When asked by CNBC for a comment or reasoning, Iger simply said “I don’t want to run the company anymore.”

Taking Iger’s place will be Bob Chapek, who until now served as Disney’s chairman of parks, experiences, and products. Until 2021, however, Iger will maintain a position of executive chairman, and Chapek will report to him. Chapek will also be officially appointed to Disney’s board of directors at an unspecified later date.

When asked about the somewhat unusual CEO reporting structure, Iger assured that, “We’re not concerned at all about creating any confusion.”

Iger has been CEO of Disney since 2005. He had planned to retire several times over the years, but these plans were pushed back each time. He finally announced his plans to retire properly at Disney’s investor day in 2019, saying that 2021 will be his last year working for the company. He did not announce his plans to step down prior to Tuesday, however.

Iger has said that until he retires in full, he would like to focus on the creative aspects of Disney’s projects. He feels he is in a good position to do this now that the Fox merger has gone through and Disney+ has been successfully launched.