Returning Walt Disney chief executive Bob Iger has announced plans to restructure the company to place more decision-making in the hands of creative teams.
In an email to staff shortly after replacing Bob Chapek last week, Iger said that the restructure will begin in the coming weeks.
This will result in the reorganization of the Disney Media & Entertainment Distribution, and the departure of its chairman, Kareem Daniel.
Iger wrote that he wants to put: “More decision-making back in the hands of our creative teams and rationalizes costs, and this will necessitate a reorganization of Disney Media & Entertainment Distribution.”
“Our goal is to have the new structure in place in the coming months,” Iger continued. “Without question, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company, and it belongs at the centre of how we organize our businesses.”
This week Iger held a town hall event for Disney staff and said that he won’t remove its hiring freeze as he reassesses its cost structure.
It was Iger’s first town hall with staff since Disney abruptly announced last week that he would replace Bob Chapek, who had been in the job for less than three years. Chapek’s departure was prompted by the company’s disappointing earnings results for its latest quarter.
Iger acknowledged that Disney’s focus had to shift toward making its streaming business profitable rather than concentrating on simply adding subscribers. He said that Disney won’t be pursuing any major acquisitions in the near future.