Disney’s Bob Iger announces corporate restructuring and fires Bob Chapek
Disney’s Bob Iger has only been on the job for a day and he wasted no time in making his return to the company felt.
On Monday, Iger announced a major corporate restructuring at the Walt Disney Co.’s Distribution Media and Entertainment Group (DMED), beginning with the firing of the division’s top executive who was seen as the right-hand man. of former CEO Bob Chapek.
The announcement represents the first step in what will likely be an elaborate and complex cancellation of Chapek’s tenure as CEO. Chapek creates the DMED group and puts Kareem Daniel at the head of the division.
Iger said Daniel was leaving the company in a memo to DMED employees obtained by multiple media outlets Monday night.
“Over the next few weeks, we will begin to implement organizational and operational changes within the company,” Iger wrote.
“I intend to restructure things in a way that honors and respects creativity as the heart and soul of who we are. As you know, this is a time of enormous change and challenge in our industry, and our work will also focus on creating a more efficient and cost-effective structure.
Iger said he asked his senior executives “to design a new structure that puts more decisions in the hands of our creative teams and streamlines costs.”
“Our goal is to have the new structure in place in the coming months,” he said.
“Undoubtedly, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this business, and it belongs at the center of how we run our business. This is a time of great change and opportunity for our business as we enter our second century.”
As Breitbart New reported, Disney abruptly fired CEO Bob Chapek on Sunday following dismal quarterly earnings reports that sent the company’s stock plummeting.
Analysts predict Iger will need to move quickly to improve the company’s profitability outlook by cutting expenses, particularly in Disney’s streaming entertainment division.
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