After making an unexpected comeback as Disney’s CEO, Bob Iger is ready to implement some significant changes in the company to spur growth and increase profitability. Iger informed Disney’s staff less than 24 hours after taking over the business’s leadership that the corporation will be undertaking a significant restructure in the coming weeks and that they should prepare for the same.
A letter outlining his homecoming and his plans for the following two years was also sent through email.
To implement a ‘new structure that puts more decision-making back in the hands of our creative teams and rationalises expenses,’ Iger also announced the retirement of Kareem Daniel, the company’s president of media and entertainment and former CEO Bob Chapek’s right hand.
‘This will necessitate a reorganization of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company,’ Iger revealed in a memo obtained by CNBC.
‘Our goal is to have the new structure in place in the coming months. Without question, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses,’ Iger added. ‘This is a moment of great change and opportunity for our company as we begin our second century.’
Chapek had reorganised the business during his three years as CEO to create the DMED division and consolidate budgeting authority for Disney’s content and distribution divisions under Daniel, and Iger’s most recent decision swiftly undid that.
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