Bob Iger says Disney hiring freeze will stay in place as he returns as CEO

New York
CNN Business

Bob Iger told Disney employees on Monday that the hiring freeze would remain in place at the company as he resumes his role as CEO.

Iger – who stunned the media world when he announced last week that he would once again become Disney’s top executive — employees told a town hall meeting at the company’s headquarters in Burbank, Calif., on Monday. It was Iger’s first day back on the Walt Disney Studio lot.

The hiring freeze has been announcement earlier this month by his predecessor, Bob Chapek. Iger replaced Shapekwho had a short but tumultuous tenure at the helm of Disney.

Iger said it was the “wise thing to do” to keep the freeze in place given the challenges the company is facing. He also mentioned that how long the hiring hiatus will last will be a factor as he addresses Disney’s overall “cost structure.”

The announcement of Iger’s return comes at a time of great difficulty and scrutiny for Disney, which faces challenges in its media empire. Its stock price has been slow and although its streaming business is growing, it is losing billions of dollars.

Earlier Monday, Iger tweeted a photo from Disney headquarters and said “filled with gratitude and excitement to be back.”

Iger wasted no time putting his mark on the company.

Shortly after being named CEO, Iger reorganized Disney’s content distribution structure and said Kareem Daniel, president of Disney’s media and entertainment distribution unit, will leave the company.

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