Disney CEO Bob Iger plans shakeup, Chapek loyalist Kareem Daniel leaves

Bob Iger attends the world premiere of Walt Disney Footage’ “Avengers: Endgame” on the Los Angeles Conference Middle on April 22, 2019.

Jeff Kravitz | Film Magic | Getty Pictures

Bob Iger, lower than 24 hours after returning to the helm disneyadvised workers on Monday that the corporate will bear a restructuring within the coming weeks.

Step one, Iger introduced, would be the departure of Kareem Daniel, the corporate’s head of media and leisure, and the handing over of his proper hand to now-departed CEO Bob Chapek.

Iger introduced Daniel’s departure in a memo to employees within the division, asserting “a brand new construction that places extra decision-making energy again within the fingers of our inventive groups and rationalizes prices.”

“This may require a restructuring of Disney Media and Leisure Distribution. In consequence, Kareem Daniel will probably be leaving the corporate,” Iger stated in a memo obtained by CNBC.

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Iger stated high Disney lieutenants, together with basic leisure chief Dana Walden, Disney content material studio head Alan Bergman, ESPN’s James Pitaro and chief monetary officer Christina McCarthy, will work collectively on Disney’s plans. A brand new construction that “places extra decision-making energy again within the fingers of our inventive groups and rationalizes prices.”

The choice marks the swift unwinding of one of many main strikes in Chapek’s practically three-year tenure as chief government. Chapek restructured the corporate, established the DMED division, and consolidated Daniel’s budgetary authority over Disney’s content material and distribution division.

“Our intention is to construct out the brand new construction over the following few months. There isn’t a doubt that components of DMED will stay, however I basically imagine that storytelling is what drives this firm and it’s on the core of our enterprise as a company,” Iger stated. “It is a time of nice change and alternative for our firm as we enter our second century.”

kareem daniel

Supply: Enterprise Wire

Daniel is near Chapek, who employed Daniel as an intern whereas he was engaged on his MBA at Stanford.

The 2 labored intently collectively when Chapek was Head of Parks, Experiences and Shopper Merchandise and Daniel was Venture Lead for Imagineering, Disney’s theme park designer.

Daniel has labored in varied divisions of Disney throughout his tenure. When Disney acquired Marvel Studios for about $4 billion in 2009, he was vp of distribution technique for Walt Disney Studios. He was additionally a part of the staff that purchased Lucasfilm for $4.05 billion in 2012.

Lately, Marvel and Star Wars will probably be a key a part of Disney’s technique, particularly in terms of streaming.

Daniel, who labored at Disney for greater than a decade, was most lately promoted to go of media and leisure when Chapek restructured Disney in 2020, and the present former CEO rapidly rounded up park employees and accelerated the corporate’s transfer into the streaming enterprise tempo of.

In his most up-to-date position, Daniel was accountable for all of Disney’s streaming companies, generally known as Disney+, in addition to home TV networks and studios.

Disney shares rose greater than 6% on Monday, a day after the corporate introduced government modifications.

Learn Iger’s memo:

Expensive DMED Employees,

As we embark on the transformative work I discussed in my e mail final night time, I need to begin by expressing my honest thanks and due to each one in all you.

Over the following few weeks, we are going to start implementing organizational and operational modifications inside the firm. I intend to restructure issues in a method that honors and honors creativity as our core and soul. As , these are instances of nice change and problem in our business, and our work can even concentrate on creating extra environment friendly and cost-effective constructions.

I’ve requested Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to co-design a brand new construction that can carry extra decision-making energy again to our inventive groups and rationalize prices, which would require a restructuring of Disney Media & Leisure Publishing. In consequence, Kareem Daniel is leaving the corporate, and I hope you all be part of me in thanking him for his a few years of service to Disney.

Our intention is to ascertain the brand new construction within the coming months. There isn’t a doubt that components of DMED will stay, however I basically imagine that storytelling is what drives this firm, it’s on the core of our enterprise as a company.

It’s a time of nice change and alternative for our firm as we enter our second century, and I’m proud to as soon as once more lead this staff. I can not say this sufficient: I’m so grateful for the large quantity of labor you place in every single day and your dedication to sustaining the extent of excellence that Disney has all the time been.

I do know change might be unsettling, however it’s obligatory, even dynamic, so please bear with us whereas we develop our roadmap for this reorganization. Extra data will probably be shared within the coming weeks. Till the brand new construction is in place, we are going to proceed to function beneath the present construction. Within the meantime, I hope you all had a beautiful Thanksgiving vacation and thanks once more for all you do.

Bob

Correction: This story has been corrected to mirror that Bob Chapek served as Disney CEO for practically three years. An earlier model incorrectly said his tenure.

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