Bob Igerhas only been on the job for a few days and is already making big moves to saveDisney+.In his first week as CEO, Iger has already told his employees that he intends to change the corporate structure.
Iger announced that Kareem Daniel, one of the former CEO’s top lieutenants, will exit his position. These initial changes signal Iger’s intent to restructure the decision-making management.
The current corporate structure was put in place by his predecessor, Bob Chapek. Iger’s to-do list includes reorganizing the content budget and the release strategy of new programming.Varietyreports that Iger wrote in a memo to his employees that he was preparing to streamline the process to dig Disney+ out of its financial hole. “This is a time of enormous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure.” Disney is up against major competitors in streaming, including some of the top players: Netflix, Apple TV+, and Hulu.
Disney+ lost 1.5 billion dollars in its most recent quarter, which nearly doubled from last year. Chapek’s organization of the company followed Iger’s former stint at Disney+, and now Iger has stepped in again to try to get it right. Iger purportedlyshifted some budgetsto cover up just how massive the losses were. The board of directors at Disney+ decided to bring Iger back on board.
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Bob Iger’s Second Coming
Iger has a long history with Disney, so many felt he was the right person to step back into the job. It’s not the first time Iger has been CEO, and it’s not the first time he’s been hit with a host of challenges. Iger may be able to fix some of Disney’s financial problems and usher in a new era for the company.
Iger alluded to Variety that he wanted to get back to the heart of Disney’s core values, saying, “It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are.” In the past, Iger brokered deals that were milestones for Disney, such as forming partnerships with Marvel, Pixar, and Lucasfilm.
