Walt Disney Co. promoted the head of its consumer products unit, Bob Chapek, to theme-parks chairman, replacing Tom Staggs.

Chapek starts immediately, Burbank, California-based Disney said Monday in an e-mailed statement. Staggs was elevated to chief operating officer earlier this month, putting him in line to succeed Bob Iger as chief executive officer of the world’s largest entertainment company.

The appointment puts Chapek, 55, in charge of the Disney division with the most employees, and its second-largest by revenue. In earlier roles, he headed the company’s film distribution and home entertainment businesses. He has been president of Disney Consumer Products, which sells toys and other merchandise, since 2011.

This article was written by Christopher Palmeri from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: New Disney Parks Chairman Bob Chapek, left, and Lucasfilm Executive Vice President Howard Roffman pose with Disney employees. Walt Disney Studios