Source: Business Wire
Karim Daniel Disney The head of media and entertainment — and right-hand man to former CEO Bob Chapek — is out of the company after Bob Iger returns to the top job.
Iger announced Daniel’s departure in a note to staff Monday along with “a new structure that puts more decision-making in the hands of our creative teams and justifies costs.”
“This will require a reorganization of Disney Media and Entertainment District. As a result, Kareem Daniel will leave the company,” Iger said in the memo obtained by CNBC.
The decision marks the swift reversal of one of Chapek’s seminal actions during his nearly three-year tenure as CEO. Chapek reorganized the company to create the DMED division and consolidate budget authority for the Disney content and distribution divisions under Daniel’s leadership.
“Our goal is to put the new structure in place in the coming months. Without a doubt, the DMED elements will remain, but I think fundamentally storytelling is what fuels this company, and it’s part of how we organize our business,” Egger said. “This is a moment of great change and opportunity for our company as we begin our second century.”
Read the full note:
Dear DMED staff,
As we begin the transformative work I mentioned to you in my email last night, I would like to begin by extending my sincere appreciation and gratitude to each and every one of you.
Over the coming weeks, we will begin implementing organizational and operational changes within the company. It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are. As you know, this is a time of tremendous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure.
I’ve asked Dana Walden, Alan Bergman, Jimmy Pittaro, and Christine McCarthy to work together on designing a new structure that puts decision-making back in the hands of our creative teams and justifies the costs, and that will require a realignment from Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company, and I hope you will all join me in thanking him for his many years of service to Disney.
Our goal is to have the new structure in place in the coming months. Without a doubt, the DMED stuff will remain, but I think fundamentally storytelling is what fuels this company, and it’s part of how we organize our business.
This is a moment of great change and opportunity for our company as we begin our second century, and I’m very proud to once again lead this team. I can’t say enough: I am so grateful for the tremendous work you do each day, and for your commitment to maintaining the level of excellence that Disney has always been known for.
I know change can be upsetting, but it’s also necessary and energizing, and so I’m asking you to be patient while we create a roadmap for this restructuring. More information will be shared over the coming weeks. Until a new structure is established, we will continue to operate under our current structure. In the meantime, I wish you all a wonderful Thanksgiving holiday, and thank you again for all that you do.
Correction: This story has been corrected to reflect that Bob Chapek was CEO of Disney for nearly three years. An earlier version erred in his term.
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