Disney: Bob Iger begins major shake-up after returning to firm

After his surprising return as Disney’s CEO less than 24 hours ago, Bob Iger claims he is preparing a massive business shake-up.

One of his first moves led to the departure of Kareem Daniel, the head of the company’s Media and Entertainment Distribution division.

Mr Daniel and Bob Chapek, the former CEO of the media giant, got along well.

Less than a year after he left the organization, Disney announced on Sunday that Mr Iger would be taking over as CEO once more.

In a note to colleagues, Mr Iger said, “I intend to restructure things in a way that celebrates and values innovation as the heart and soul of who we are.”

According to his email, “storytelling is what powers this enterprise, and it belongs at the centre of how we organise our business,” which he said is his core belief.

To develop “a new structure that puts more decision-making back in the hands of our creative teams and rationalises costs,” he claimed to have assigned the task to a group of executives.

The major initiative of former CEO Bob Chapek has been swiftly undone by this choice.

In his first year as CEO, Mr Chapek created Disney’s Media and Entertainment Distribution division.

It consolidated the company’s sales and distribution operations for motion pictures and television programmes under Mr Daniel’s direction.

The corporation’s board rehired Mr Iger, who headed Disney for 15 years, to steer it through these challenging times as its stock price has dropped and Disney+ continues to post losses.

However, he did declare in January to the New York Times that it was “crazy” to assume that he may return after leaving Disney.

To find a successor to serve as company president, Mr Iger, who served as chairman from 2011 to 2021, has now agreed to stay on as Disney’s CEO for an additional two years.

Mr Iger oversaw significant acquisitions involving businesses like Pixar, Marvel, Rupert Murdoch’s 21st Century Fox, and Lucasfilm, the maker of Star Wars, in addition to overseeing the launch of Disney’s streaming service, Disney+.

When it was revealed that Mr Iger would resume his role as CEO, Disney’s stock in New York rose by more than 6%.