Less than 24 hours after Bob Chapek stepped down as Disney CEO, new CEO Bob Iger sent a letter to the entertainment giant’s employees detailing the restructuring he plans to carry out.
In the email, Iger announced that the changes will begin “in the coming weeks.”
As a first big step, Iger said that Kareem Daniel, president of Disney Media & Entertainment Distributionwill leave the position. Iger said he is thanked for “his many years of service.”
He also said that he will work on the design of a new structure that “returns more decisions to our creative teams and streamlines costs” and that this will require “a total restructuring” of Disney Media & Entertainment Distribution”.
As he told Disney workers, who were surprised by Chapek’s unexpected departure, “telling stories” will continue to be the center of the strategy because “it’s what feeds the company.”
Chapek had arrived in October 2020 to replace Iger, but the board of directors was not satisfied with his numbers, publishes Variety.
Chapek reorganized the structure to place a greater emphasis on streaming services, with the creation of the media and entertainment distribution group, but expenses remain well above revenues in that business segment, and it is the parks that are bearing the weight of the organization.
Although the number of Disney+ subscribers grows, spending on exclusive series and movie content is not rewarded by the monthly payment of adherents or advertising revenue.
The CEO’s letter to Disney employees
“Over the next few weeks, we will begin to implement organizational and operational changes within the company. It is my intention to restructure everything in a way that honors and respects creativity as the heart and soul of who we are,” Iger said in the email.
He added: “As you know, this is a time of enormous change and challenges in our industry, and our work will also focus on creating a more efficient and profitable structure.”
In the text, Iger spoke of “major change and opportunity” for the company and encouraged employees to “maintain the commitment to the level of excellence for which Disney has always been known.”
“I know the change can be unsettling, but it is also necessary and even energizing, so I ask for your patience as we develop a roadmap for this restructuring,” said the new-old Disney CEO.
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