Disney's chief operating officer, Bob Chapek, has emerged as the favourite to make the step up when Bob Iger’s tenure as CEO ends in 2019.

Chapek, who has been with Disney for more than 20 years, was appointed COO in 2015, replacing Bob Iger’s then-successor Thomas Staggs who left Disney in April 2016.

Following Stagg’s departure, Iger extended his tenure at Disney until 2 July 2019, saying at the time that he would be working with the company’s board to “to identify a successor as CEO and ensure a successful transition”.

According to Bloomberg sources, Chapek is now viewed as the likely successor to Iger. While no formal decision has been made, Disney will need to finalise its plan soon, with just 19 months remaining before a new chief executive must take the helm.

During his Disney tenure, Chapek has served as president of Disney Consumer Products (DCP), overseeing franchise licensing, commercialisation, Disney Publishing Worldwide and the Disney Store.

Prior to that, he served as president of distribution for Walt Disney Studios and as president of Walt Disney Studios Home Entertainment. He has also worked in brand management for Heinz and in advertising at J Walter Thompson.

The incoming chief executive will be leading from a position of strength, with Disney’s recent earnings report showing growth for the fiscal year. The company’s Parks and Resorts division performed strongly, with revenues increasing eight per cent year-on-year to US$18.4bn (€15.8bn, £14bn), while profits were up 14 per cent to US$3.8bn (€3.3bn, £2.9bn).