Disney: Bob Iger begins major shake-up after returning to firm
Less than 24 hours after his shock return as Disney’s chief executive, Bob Iger says he is planning a major shake-up of the business.
One of his first moves has resulted in the exit of the head of the company’s Media and Entertainment Distribution division, Kareem Daniel.
Daniel was a close ally of the media giant’s former boss Bob Chapek.
On Sunday, Disney announced Iger’s return as chief executive less than a year after he retired from the firm.
In a message to employees, Iger said “It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are.”
“I fundamentally believe storytelling is what fuels this company, and it belongs at the center of how we organize our business,” he said in the email.
The move marks a speedy undoing of a major initiative put in place by former chief executive Bob Chapek.
During his first year as chief executive, Chapek formed Disney’s Media and Entertainment Distribution division.
It brought together the company’s film and television sales and distribution operations, with Daniel in charge of it.
Iger, who headed Disney for 15 years, was brought back by the company’s board to steer it through turbulent times as its share price has plummeted and Disney+ continues to run at a loss.
However, after leaving Disney he told the New York Times in January it was “ridiculous” to suggest he might return one day.
Iger, who was chairman until 2021, has now agreed to stay in the role as Disney’s chief executive for two years, during which time he aims to find a successor to lead the company.
“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said.
During his decade and a half in charge, as well as overseeing the launch of Disney’s streaming service, Disney+, Iger drove major acquisitions involving the likes of animation studio Pixar, comic book company Marvel, Rupert Murdoch’s 21st Century Fox, and Lucasfilm, the home of Star Wars.
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