The Walt Disney Co. elevated Thomas O. Staggs to the post of chief operating officer on Thursday, a move indicating he is heir apparent to current CEO Bob Iger.

Staggs, who had been chairman of Walt Disney Parks and Resorts, will now sit in the No. 2 spot of an updated Disney org. chart, with senior managers reporting jointly to Iger and Scaggs.

Disney’s CFO, communications chief, and HR boss will continue to report directly to Iger. In October, Disney’s CEO extended his contract through June of 2018.

“Tom is an incredibly experienced, talented and versatile executive who has led Parks and Resorts during a time of unprecedented growth and expansion, including the construction of Shanghai Disney Resort,” Iger said in a statement Thursday. “His proven ability to lead a business as well as his successful tenure as Disney’s former CFO make him an ideal Chief Operating Officer, expanding his portfolio into all the company’s businesses”

Staggs will now occupy the second-highest post in a media giant that controls numerous television entities, including broadcast network ABC and its sibling studio, ABC News, local O&Os, ESPN’s various channels and international properties, multiple Disney channels, ABC Family, and a stake in A&E.

Before leading Disney’s parks and resorts business, Staggs served as the company’s CFO. He had senior roles in Disney’s acquisitions Capital Cities/ABC, Marvel, and Pixar.

“It’s a privilege to step into this role, and I am humbled and honored by the opportunity,” Staggs said. “I look forward to working more closely with Bob and the talented senior management team across the company to continue to build Disney’s future through unparalleled creativity, innovative technology and global expansion.”

Staggs has been with Disney for 25 years.

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