December 1, 2022

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Disney CEO Bob Iger is planning a restructuring, loyal to Chapek Karim Daniel to leave

Disney CEO Bob Iger is planning a restructuring, loyal to Chapek Karim Daniel to leave

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 | Film Magic, Inc. | Getty Images

Bob Iger, less than 24 hours after returning to the helm DisneyOn Monday, he told employees that the company will undergo a restructuring in the coming weeks.

Iger announced that one of the first steps would be the departure of Karim Daniel, the company’s head of media and entertainment, and now-departed right-hand man to CEO Bob Chapek.

Iger announced Daniel’s departure in a note to staff Monday along with “a new structure that puts more decision-making in the hands of our creative teams and justifies costs.”

“This will require a reorganization of Disney Media and Entertainment District. As a result, Kareem Daniel will leave the company,” Iger said in the memo obtained by CNBC.

Iger said Disney’s top aides, including Dana Walden, president of General Entertainment, Alan Bergman, president of Disney Content Studios, ESPN’s James Pittaro and CFO Christine McCarthy will work together on Disney’s new structure “that puts more decision-making in the hands of our creative teams.” and cost rationalization.

The decision marks the swift reversal of one of Chapek’s seminal actions during his nearly three-year tenure as CEO. Chapek reorganized the company to create a division of DMED and Consolidation of budgetary authority for Disney’s distribution and content divisions under Daniel’s leadership.

“Our goal is to put the new structure in place in the coming months. Without a doubt, the DMED elements will remain, but I think fundamentally storytelling is what fuels this company, and it’s part of how we organize our business,” Egger said. “This is a moment of great change and opportunity for our company as we begin our second century.”

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Karim Daniel

Source: Business Wire

Daniel has close connections with Chapek, who hired Daniel as an intern when he was working on getting his MBA from Stanford University.

The two worked closely together when Chapek was president of the Parks, Experiences, and Consumer Products Group, and Daniel was president of Imagineering, a Disney theme park designer.

Daniel worked in several departments of Disney during his tenure. He was Vice President of Distribution Strategy at Walt Disney Studios when Disney finalized its acquisition of Marvel Studios for about $4 billion in 2009. He was also part of the team that bought Lucasfilm in 2012 for $4.05 billion.

Marvel and Star Wars will become an essential part of Disney’s strategy, especially in streaming, in recent years.

Daniel, who has been at Disney for over a decade, He rose to his last place As head of media and entertainment, when Chapek reorganized Disney in 2020, the former CEO quickly surrounded himself with theme parks employees and accelerated the company’s push into streaming.

In his latest role, Daniel oversaw all of Disney’s streaming services, namely Disney+, as well as local television networks and studios.

Read Egger’s note:

Dear DMED staff,

As we begin the transformative work I mentioned to you in my email last night, I would like to begin by extending my sincere appreciation and gratitude to each and every one of you.

Over the coming weeks, we will begin implementing organizational and operational changes within the company. It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are. As you know, this is a time of tremendous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure.

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I’ve asked Dana Walden, Alan Bergman, Jimmy Pittaro, and Christine McCarthy to work together on designing a new structure that puts decision-making back in the hands of our creative teams and justifies the costs, and that will require a realignment from 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. Without a doubt, the DMED stuff will remain, but I think fundamentally storytelling is what fuels this company, and it’s part 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’m very proud to once again lead this team. I can’t say enough: I am so grateful for the tremendous work you do each day, and for your commitment to maintaining the level of excellence that Disney has always been known for.

I know change can be upsetting, but it’s also necessary and energizing, and so I’m asking you to be patient while we create a roadmap for this restructuring. More information will be shared over the coming weeks. Until a new structure is established, we will continue to operate under our current structure. In the meantime, I wish you all a wonderful Thanksgiving holiday, and thank you again for all that you do.

Bob

Correction: This story has been corrected to reflect that Bob Chapek was CEO of Disney for nearly three years. An earlier version erred in his term.

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