Walt Disney Co. Chief Operating Officer Tom Staggs will step down from his post on May 6, according to a statement released by the company on Monday.

Staggs, who has been with the Burbank studio for 26 years, was expected to succeed Chairman and Chief Executive Bob Iger when his contract ends in June 2018.

“Tom has been a great friend and trusted colleague for more than 20 years,” Iger said in the statement. “He’s made important contributions to this company, earning wide respect across the organization for his achievements and personal integrity. I’m proud of what we’ve accomplished together.”

Disney shares struggled after the news, falling nearly 2 percent in after-hours trading from its Monday closing price of $99. The company did not provide details about Staggs’ future, but did say that he would stay on as a special adviser through September, which is the end of the company’s fiscal year.