Home » US business news » New Disney boss Bob Iger announces major restructuring after job cuts and hiring freeze

New Disney boss Bob Iger announces major restructuring after job cuts and hiring freeze

By Nithya Bose in US business news, posted November 22, 2022

Disney CEO Bob Iger has announced the company will be reorganizing in the coming weeks.

The departure of Kareem Daniel, the company's head of media and entertainment, would be one of the first moves.

The new chief executive confirmed Daniel's exit in a memo to the division’s staff.

Mr. Iger mentioned a “new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs.

“This will necessitate a reorganization of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company.”

Dana Walden, chief of general entertainment, Disney content studios head Alan Bergman, ESPN's James Pitaro, and CFO Christine McCarthy will collaborate for the plan.

The move effectively reverses one of former CEO Bob Chapek's key acts during his almost three-year tenure as CEO.

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Chapek restructured the corporation to create the DMED division and consolidate budgetary control for Disney's content and distribution divisions under Daniel.

Iger said: “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.

“This is a moment of great change and opportunity for our company as we begin our second century.”

Source: CNBC

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