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After yesterday’s announcements, one of the Walt Disney Company’s executives announces they are leaving the company.
Bob Iger Returns as CEO
Bob Iger returned as Disney CEO back in November 2022. Many were hopeful that many issues would be addressed with the return of Bob Iger. Yesterday, Iger held his first First Quarter Earnings Call since his return.
During this call, many big announcements were made including a new Avatar experience and also three great sequels coming. He also shared more details about returning to CEO HERE.
Job Reductions
During yesterday’s earnings call, Bob Iger shared that the Walt Disney Company will look to streamline the company during the First Quarter. Iger also announced that the Walt Disney Company will be cutting $5.5 billion in costs.
In order to meet this need to cut costs, huge job reductions will be coming. Bob Iger shared that they will reduce their workforce by 7,000 jobs. Iger shares, “While it is necessary to address the challenges we are facing today, I do not make this decision lightly.”
In addition to cutting jobs, the Walt Disney Company announced a restructuring of the organization into 3 core business segments: Disney entertainment, ESPN and Disney parks, experiences and products.
Changes in Leadership
Last month, we announced that the Walt Disney Company Board of Directors elected independent director Mark G. Parker as Chairman of the Board, effective following the Annual Meeting of Shareholders.
Today, February 9, another Walt Disney World Company executive is leaving the company. Chairman of International Content and Operations Rebecca Campbell announced she is leaving. She stated that she will stay through June to help with the transition of hiring someone new for her position.
Chairman of International Content and Operations Rebecca Campbell announced she is leaving the Walt Disney Company.
What do you think of this change? Are you more or less excited about Disney’s future with these changes? Please let us know in the comments below and share this post with a friend.
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Lew
Thursday 9th of February 2023
Nice commentary
Joyce
Thursday 9th of February 2023
Once again Disney corp puts executives ahead of guests. They just spent $20 million dollars on Chapek's exiting package. If the board did not rush to re-sign his contract 6 months in advance - they could have saved a lot of money! Hmmmm does it seem fishy to you - about the rush to re-sign him and then fire him? Instead of cutting back on the workforce they should have all executives take a 10% pay cut. Especially since the mess the company is in, is their fault. The workforce did not cause the stocks to go down, have the quality of the parks down, unmanageable crowd levels, poor maintenance of the rides, and most of all the Disney Magic GONE!