Less than a day into the job and returning Disney CEO Bob Iger isn’t taking things slow.
In a memo to Disney staffers, Iger has announced a restructuring at the media giant will begin “in the coming weeks”. As part of that, Disney Media and Entertainment Distribution (DMED) chairman Kareem Daniel will be stepping down.
Daniel was ousted CEO Bob Chapek’s top lieutenant. Chapek had reorganised the structure under a DMED banner which put a greater emphasis on Disney’s streaming offerings.
That is now being shifted with Iger saying he’s teamed with four top executives like Dana Walden and Alan Bergman on a “new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs”.
He adds that while elements of DMED will remain, he “fundamentally believe[s] that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses”.
Iger will reportedly earn a $1 million base salary for going back to his old job, will be entitled to an annual bonus of up to $1 million, and will score a long-term incentive award with a target value of $25 million for each year of his contract.
Disney shares surged on the news of Iger’s return, rising 8% in early trading on a wave of optimistic sentiment. Adam Aron, chief of exhibition giant AMC, took to Twitter to celebrate the news saying: “Bob Iger coming back to again lead Disney as its CEO is a big deal. Let me shout this from the mountain top. I have the absolute highest respect for Bob Iger.”
Source: Variety
