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Disney CEO Bob Iger plans media restructuring, Kareem Daniel to leave

Disney CEO Bob Iger plans media restructuring, Kareem Daniel to leave

Disney CEO Bob Iger plans media restructuring, Kareem Daniel to leave

Kareem Daniel

Source: Business Wire

Kareem Daniel, Disney’s The head of media and entertainment — and right-hand man to now-deceased CEO Bob Capek — is with the company following Bob Iger’s return to the helm.

Iger announced Daniel’s departure in a memo to employees Monday along with “a new structure that puts more decision-making back into the hands of our creative teams and streamlines costs.”

“This will require a reorganization of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company,” Iger said in a memo obtained by CNBC.

The decision marks a swift reversal of one of Chapek’s primary actions during his nearly three-year tenure as CEO. Chapek reorganized the company to establish a DMED division and consolidate budget power for Disney content and distribution under Daniel.

“Our goal is to establish a new structure in the coming months. Without a doubt, elements of DMED will remain, but fundamentally I believe that storytelling is what drives this company, and it belongs at the center of how we organize our business,” said Iger. This is a moment of great change and opportunity for our company as we begin our second century.”

Read the full letter:

Dear employees of DMED,
As we embark on the transformative work I mentioned in my email last night, I want to begin by expressing my sincere appreciation and gratitude to each of you.
In the coming weeks, we will start implementing organizational and operational changes within the company. My intention is to restructure things in a way that respects and honors creativity as the heart and soul of who we are. As you know, this is a time of huge change and challenge in our industry, and our work will also focus on creating a more efficient and cost-effective structure.
I asked Dan Walden, Alan Bergman, Jimmy Pitaro and Christine McCarthy to work together to design a new structure that puts more decision-making back into the hands of our creative teams and streamlines costs, which will require a reorganization of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company and I hope you will all join me in thanking him for his many years of service to Disney.
Our goal is to have the new structure in place in the coming months. No doubt elements of DMED will remain, but I fundamentally believe that storytelling is what drives this company and belongs at the center of how we organize our business.
This is a moment of great change and opportunity for our company as we begin our second century, and I am so proud to lead this team again. I can’t say it enough: I am incredibly grateful for the tremendous work you do every day and your dedication to maintaining the level of excellence that Disney has always been known for.
I know change can be unsettling, but it’s also necessary and even energizing, so please bear with us as we develop a roadmap for this restructuring. More information will be shared in the coming weeks. Until the new structure is in place, we will continue to operate within the existing structure. In the meantime, I hope you all have a wonderful Thanksgiving holiday, and thank you again for all you do.
Bob

Correction: This story has been corrected to reflect that Bob Chapek was Disney’s CEO for nearly three years. An earlier version misstated his tenure.

This is breaking news. Check back for updates.



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