Daily Management Review

After A Surprise Return To The Company, Disney CEO Bob Iger To Start A Huge Stir


A major shake-up within Disney is being planned by it CEO Bob Iger. The CEO, who was brought back into the company less than 24 hours ago after he retired as chairmen of the company last year - a move that surprised the industry, said in an emailed statement to employees.
Kareem Daniel, the head of the company's Media and Entertainment Distribution division, was one of his first moves.
Daniel was a close friend of the former CEO of the media conglomerate, Bob Chapek.
Disney announced Iger's return as CEO on Sunday, less than a year after he left the company.
"It is my intention to restructure things in a way that honours and respects creativity as the heart and soul of who we are. I fundamentally believe storytelling is what fuels this company, and it belongs at the centre of how we organise our business," Iger said in an emailed message to employees, according to reports.
He stated that he had tasked a group of executives with creating "a new structure that returns more decision-making power to our creative teams while rationalizing costs."
The move signals the rapid demise of a major initiative launched by former CEO Bob Chapek.
During his first year as CEO, Chapek established Disney's Media and Entertainment Distribution division.
Daniel was put in charge of the company's film and television sales and distribution operations.
Iger, who led Disney for 15 years, was re-hired by the company's board to guide it through difficult times, as its stock price has plummeted and Disney+ continues to lose money.
However, after leaving Disney, he told the New York Times in January that suggesting he might return one day was "ridiculous."
"I was CEO for a long time," he said. "You can't go home again. I'm gone," he told the newspaper.
Iger has agreed to remain as the CEO of Disney for two years and he is hopeful of finding an appropriate leader for the company during that period.
"I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,"  Iger said.
While he headed the company for more than a decade and a half, Iger oversaw the launch of Disney's streaming service, Disney+, as well as major acquisitions involving the likes of Pixar, Marvel, Rupert Murdoch's 21st Century Fox, and Lucasfilm, the home of Star Wars.
Disney's stock rose more than 6% in New York following the announcement of Iger's return as CEO.