The Walt Disney Company announced Wednesday it is undergoing a corporate restructuring, which includes allotting more power to Parks and Resorts Chairman Bob Chapek.Chapek will assume responsibility for Disney’s consumer products operations globally, including licensing and Disney stores. Under the role of chairman of the new Parks, Experiences and Consumer Products business segment, Chapek will continue to report directly to Disney CEO Bob Iger.“Bob comes to this new role with an impressive record of success at both Parks and Resorts and Consumer Products, and he is the perfect leader to run these combined teams,” Iger said in a statement.MORE PeopleFollowing Wednesday’s restructuring, the Walt Disney Company is breaking into four segments, including the newly-formed Direct-to-Consumer and International; the combined Parks, Experiences and Consumer Products; Media Networks; and Studio Entertainment.Chapek was already the chairman of the Parks and Resorts segment, but he will now take on the consumer products segment as well. The new Parks, Experiences and Consumer Products segment will focus on bringing Disney’s stories, characters and franchises to life.Disney’s global consumer products operations include the world’s leading licensing business across toys, apparel, home goods, and digital games and apps, the world’s largest children’s publisher, Disney store locations around the world, and the shopDisney e-commerce platform.Chapek has served as the chairman of Parks and Resorts since 2015, where he was in charge of Disney’s travel and leisure businesses, including six resort destinations in the United States, Europe and Asia; Disney Cruise Line; Disney Vacation Club; and Adventures by Disney.“Having worked with the exceptional teams at both Parks and Resorts and Consumer Products, I know this combination of incredible skills and resources will lead to a whole host of new creative ideas for high-quality products and experiences to delight our guests,” Chapek said.