Since then, the stock has increased, celebrities and Disney fans have voiced their opinions on social media, and we have learned more about the reasons behind this development. But now, another Disney official is quitting the organization.
According to The Hollywood Reporter, Kareem Daniel, a Disney Media and Entertainment Distribution chairperson, is leaving Disney. After Chapek resigned from the Board and his position as CEO, Kareem Daniel, referred to as Chapek’s “right-hand man,” is leaving.
NEWS: Bob Chapek's "Right-Hand Man" Is Leaving The Walt Disney Company
— AllEars.Net (@AllEarsNet) November 21, 2022
As Iger is expected to assist the firm with its streaming strategy, Wall Street analysts have been anticipating a change in Disney’s streaming segment.
“I’ve asked Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to work together on the design of a new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs. This will necessitate a reorganization of Disney Media & Entertainment Distribution,” Iger wrote in a memo to staff members on Monday. Kareem Daniel will thus be leaving the organization, and I sincerely hope you will join me in thanking him for his many years of devotion to Disney.
Hollywood is still trying to figure out what Bob Iger’s return to Disney and the firing of his successor-turned-predecessor Bob Chapek mean for the company’s short- and long-term future. Iger dismantles Chapek’s Disney reorganization. If you want to read the complete article, then click here.
After serving the Company for 14 years, Daniel was chosen by Bob Chapek, who was appointed CEO in February 2020, to lead the division.
Bob Iger (Back) In as CEO of Disney After Bob Chapek’s Surprise Exit!
The Mouse House has had a spectacular change of events. Bob Chapek, the controversial CEO of Walt Disney, has resigned; Bob Iger will take over.
The Board of Directors of Disney announced late on Sunday that Robert A. Iger would take over as CEO of the Company once more, effective immediately. With a mandate from the Board to set the strategic direction for renewed growth and to collaborate closely with the Board in developing a successor to lead the Company at the end of his term, Mr. Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years. Bob Chapek, who has resigned from his job, is succeeded by Mr. Iger.
“We congratulate Bob Chapek for his dedication to Disney throughout his lengthy career, including guiding the company through the unprecedented challenges of the epidemic,” said Susan Arnold, Chairman of the Board. The Board has concluded that Bob Iger is ideally suited to steer the Company through this critical phase as Disney enters a more challenging industry transition period.
She continued, “Mr. Iger has the strong respect of Disney’s senior leadership team, with whom he worked closely until he left his position as executive chairman 11 months ago, and he is immensely admired by Disney employees worldwide-all, which will allow for a seamless transition of leadership.
Iger stated that he was “thrilled to be asked by the Board to return as the CEO” and was “very enthusiastic for the future of our great company.” In particular, our workers, whose devotion to our organization and its mission is an inspiration, occupy a special place in the hearts of so many worldwide for Disney and its unrivaled brands and franchises. I am pleased to be invited to take the helm of this incredible team again. Our purpose is to inspire future generations via unmatched, audacious storytelling with a strong focus on creative quality.
A growing split
According to reports, Bob Iger, who was succeeded by Chapek and will now succeed him, was one person who was not happy with the decisions made by Chapek. Iger served as executive chairman of Disney through the end of 2021, but according to CNBC, Chapek began to make business decisions without ever consulting Iger. According to CNBC, Iger objected to Chapek’s restructuring of the business and the public altercation with Johansson. Even before Chapek voiced his opinion on the “Don’t Say Gay” law in Florida, Iger tweeted his opposition.
— The Hollywood Reporter (@THR) November 21, 2022
Disney’s decision to ask Iger to serve as CEO once more allows him to undo his earlier choice to give Chapek the CEO role.
Bob Iger’s return as Disney CEO after a turbulent two years for Bob Chapek. Chapek took over as CEO from Iger in 2020. The new CEO rapidly drew criticism for public relations errors, political controversies, and unpopular economic decisions, which may have driven the Board to fire Chapek. Disney stock is down 41.4% year-to-date.
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