Chief Executive Officer and Chairman of The Walt Disney Company Bob Iger and Mickey Mouse look on before ringing the opening bell at the New York Stock Exchange on November 27, 2017 in New York City.
disney Chief Executive Bob Iger said at his first town hall since returning to the company that he would not remove the company’s hiring freeze and would reevaluate its cost structure.
Iger kicked off the town hall on Monday, quoting the song “What did I miss?” of Lin-Manuel Miranda’s musical “Hamilton” which says “There’s no status quo anymore. But the sun comes up and the world keeps spinning.”
After about five minutes of introduction, Iger launched into taking questions, many of them from an in-person audience. Disney employees could submit named and anonymous questions prior to the start of the event.
Iger acknowledged that Disney needed to focus on making its streaming business profitable rather than just focusing on adding subscribers, which was the company’s priority when he stepped down as CEO in 2020. He noted that Disney won’t be pursuing any major acquisitions in the near future. , adding that he is comfortable with Disney’s current set of assets.
Iger shocked the business community by returning to the CEO job after repeatedly saying he would not be returning. He replaced his hand-picked successor, Bob Chapek, whose nearly three-year tenure as CEO came to an abrupt end after a dismal fiscal fourth quarter earnings report. This prompted several senior executives to tell board members that they had lost faith in his leadership.
In a memo last week, Iger said one of his first actions would be to redo Disney’s organizational structure, which was changed by Chapek to centralize decision-making on content and distribution under Kareem Daniel. . Iger has already fired Daniel and told City Hall that the new structure will take time to implement and will be done in conjunction with other executives, including President of General Entertainment Content Dana Walden, Disney Studios head Alan Bergman, ESPN President Jimmy Pitaro, and Chief Financial Officer Christine McCarthy.
This story is developing.