Bob Iger isn’t called the “King of Hollywood” for nothing — but now, the “king” is retiring. 
On Tuesday, Disney announced Iger will step down as CEO after his 15-year tenure at the helm of the company. He will be replaced by Bob Chapek, formerly the chairman of Disney Parks, Experiences and Products. Iger will now assume the role of executive chairman, and will help the company transition until the end of his contract on December 31, 2021.
“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,” Iger said in a press statement. 
Iger started his entertainment career in 1974 as a studio supervisor at ABC and climbed through the show business ranks to become the CEO of one of the most powerful businesses in the world. Iger recounted this journey in his memoir “The Ride of a Lifetime,” released in September, in which he chronicled how he went from making $150 a week doing “menial labor” on ABC shows to earning over $60 million a year running The Walt Disney Company. 
Since Iger became CEO on October 1, 2005, the company’s stock has risen 492%. But after 45 years in the entertainment industry, Disney isn’t the only thing Iger has built up — he has also amassed a sizeable personal fortune. 
Forbes reported that Iger has a net worth of $690 million, which is thought to be higher than that of Abigail Disney; the Disney heiress said in July she’s worth about $120 million. Iger, meanwhile, was compensated $65.6 million in 2018 — which Forbes notes is 1,424 times what the average Disney employee makes.
The Walt Disney Company didn’t immediately respond to a request for comment from Business Insider.
Here’s what we know about Iger’s life and rise, including how he made and now spends his multimillion fortune.