Disney shares dropped Tuesday as investors reacted to the company succession plan being blown up.
Thomas Staggs, the presumed successor to CEO Bob Iger, resigned on Monday. The company gave no reason for the change.
The company said Staggs leave next month after 14 months as COO. He would be an advisor to the company through the end of the fiscal year after he departs May 6.
Iger is due to retire in June 2018; Staggs had been with Disney 26 years.
Disney shares fell 1.7% to $97.