The Walt Disney company made the announcement Monday afternoon. The company would not say why Staggs is leaving, except to say that he would formally step down on May 6, but work as a special advisor through the fiscal year.
Staggs is the former global head of Disney Parks and Resorts and is considered the heir apparent to Disney chief executive officer Robert Iger.
Iger is expected to step down as chief executive officer in 2018.
Staggs, who worked in investment banking at Morgan Stanley before joining Disney in 1990, led Disney Parks and Resorts between 2010 and 2015.
He oversaw development of the Shanghai Disney Resort, Land of Avatar at Disney's Animal Kingdom, the expansion of Fantasyland at Disney's Magic Kingdom and a host of other major projects.
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