Bob Iger attends the World Premiere of Walt Disney Studios’ Motion Pictures ‘Avengers: Endgame’ at the Los Angeles Convention Center on April 22, 2019.
Jeff Kravitz | Filmmagic Inc. | Getty Images
Bob Iger less than 24 hours after taking power disneytold employees on Monday that the company will be restructuring in the coming weeks.
One of the first steps Iger has announced is the departure of Kareem Daniel, head of the company’s media and entertainment division, who is now the right-hand man of outgoing CEO Bob Chapek.
Iger announced Daniel’s departure in a memo to employees on Monday, announcing “a new structure that puts more decision-making in the hands of the creative team and streamlines costs.”
In a memo obtained by CNBC, Iger said, “A restructuring of Disney Media & Entertainment Distribution will be required, resulting in Kareem Daniel’s departure from the company.”
Iger said Disney executives, including General Entertainment head Dana Walden, Disney Content Studios head Alan Bergman, ESPN’s James Pitaro, and CFO Christine McCarthy, are more likely to be involved. He said he would work with the new structure to put decision-making back into Disney’s hands. Streamline our creative team and costs. ”
The decision marks the swift undoing of one of Chapek’s major actions during his nearly three-year tenure as CEO. Chapek reorganized the company to form the DMED division, Consolidate budgetary authority for Disney’s content and distribution divisions under Daniel.
“Our goal is to have a new structure in place in the coming months. Elements of DMED will definitely remain, but we believe that storytelling is the driving force of this company and central to how we organize our business. I literally believe,” said Iger. “This is a moment of great change and opportunity for our company as we enter our second century.”
Source: Business Wire
Daniel has a close relationship with Chapek, who hired Daniel as an intern while he was completing his MBA at Stanford University.
The two worked closely together when Chapek was head of the Parks, Experiences and Consumer Goods Group, and Daniel was head of the Imagineering Program, a theme park designer at Disney.
During his tenure, Daniel worked in several divisions at Disney. When Disney completed its acquisition of Marvel Studios for about $4 billion in 2009, he was Walt’s Vice President of Distribution Strategy for Disney Studios. He was also part of the team that acquired Lucasfilm for his $4.05 billion in 2012.
Marvel and Star Wars will be key elements of Disney’s strategy in recent years, especially in streaming.
Daniel, who has been with Disney for over 10 years, climbed on his newest perch When Chapek reorganized Disney in 2020, as head of media and entertainment, now the former CEO, he quickly surrounded himself with park staff to accelerate the company’s streaming efforts.
In his most recent role, Daniel oversaw all of Disney’s streaming services, namely Disney+, as well as national television networks and studios.
Read Iger’s note:
Dear DMED Employees,
As we embark on the transformative efforts that I shared in last night’s email, I would like to first extend my sincere gratitude and appreciation to each and every one of you.
In the coming weeks, we will begin implementing organizational and operational changes within the company. It is my intention to reframe things in a way that honors and respects creativity as our heart and soul. It’s time, and our efforts are also focused on building more efficient and cost-effective structures.
I enlisted Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to help design a new structure that puts more decision-making in the hands of the creative team and streamlines costs. This will require a reorganization. of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company, but we would like to thank him for his many years of service to Disney.
Our goal is to have the new structure in place in the coming months. Elements of DMED will no doubt remain, but I fundamentally believe that storytelling is the driving force behind this company and is at the heart of how they organize their business.
This is a moment of great change and opportunity for our company as we begin our second century, and I am proud to lead this team once again. Words cannot express my sincere gratitude for the wonderful work you do every day and your commitment to maintaining the level of excellence that Disney has always been known for.
We know change can be unnerving, but it is both necessary and energizing. Please be patient as we create a roadmap for this restructuring. More details will be shared over the next few weeks. Until the new system is in place, we will continue to operate under the current system. In the meantime, I hope everyone is having a wonderful Thanksgiving holiday.
Correction: This article has been corrected to reflect that Bob Chapek was CEO of Disney for about three years. An earlier version incorrectly stated his tenure.