Bob Iger says he plans to significantly restructure the company in the coming weeks, less than 24 hours after his unexpected return to the role of Disney CEO.
Kareem Daniel, the leader of the company’s Media and Entertainment Distribution business, has left as a result of one of his first actions.
Bob Chapek, the former CEO of the media behemoth, was tight with Mr. Daniel.
Less than a year after his retirement from the company, Disney said on Sunday that Mr. Iger would be returning as its CEO.
It is my desire to restructure things in a way that honors and respects creativity as the heart and soul of who we are, Mr. Iger stated in a memo to employees obtained by the BBC.
In the email, he stated that he “fundamentally believes storytelling is what powers this firm and it belongs at the center of how we arrange our business.”
Creating “a new structure that puts more decision-making back in the hands of our creative teams and rationalizes expenses,” he claimed to have given the assignment to a group of executives.
With this decision, former CEO Bob Chapek’s big initiative has been swiftly undone.
Mr. Chapek established Disney’s Media and Entertainment Distribution division in his first year as CEO.
With Mr. Daniel in charge, it combined the business’ sales and distribution activities for movies and television shows.
The board of the corporation rehired Mr. Iger, who oversaw Disney for 15 years, to guide it through difficult times as its stock price has fallen and Disney+ continues to generate a loss.
He did, however, tell the New York Times in January that it was “crazy” to imply that he might come back after leaving Disney.
Bob Iger remarked,
“I was CEO for a very long time. “You cannot return home. I’ve left “He spoke to the paper.
Mr. Iger, who served as chairman from 2011 to 2021, has now agreed to continue serving as Disney’s CEO for another two years while he searches for a replacement to take over as company president.
I’m happy to have been asked by the Board to take over as CEO once more and am very hopeful about the future of this wonderful company, said Mr. Iger.
In addition to supervising the rollout of Disney’s streaming service, Disney+, Mr. Iger oversaw significant purchases involving companies like Pixar, Marvel, Rupert Murdoch’s 21st Century Fox, and Lucasfilm, the company behind Star Wars.
Following the news that Mr. Iger would be taking over as CEO once more, Disney’s stock in New York increased by more than 6%.
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