A triumphant CEO return is quickly tempered by a troubled macroeconomic climate as the exec concedes that a hiring freeze will be kept in place at the Burbank-based giant.
Disney Stock Jumps as Wall Street Cheers Return of Bob Iger "Magic," Predicts "Strategic Redirection"
So Iger dramatically restructured the group, and handed power back to the creative divisions. He wrote in the book that it was the “most significant accomplishment” of those early months. “The announcement that they would no longer have such an iron grip on all aspects of our business had a powerful, instantaneous effect on morale,” the executive added. “It was as if all the windows had been thrown open and fresh air was suddenly moving through.
Ousting Kareem Daniel and unveiling plans to reorganize his Disney Media and Entertainment Distribution group left some in Hollywood thinking that he was returning to the pre-COVID norms. Such a move would be welcomed inside the company. A Disney source had griped toweeks before Chapek’s Nov. 20 departure that the creation of DMED slowed down the process for deciding where certain content would be the best fit.
“While the plans are in early stages, changes in our structure and operations, including within DMED , can be expected,” the filing states. “The restructuring and change in business strategy, once determined, could result in impairment charges.” But streaming is unlikely to be Iger’s only focus. Chapek’s “heavy emphasis on raising prices across the organization,” such as at Disney’s theme parks, is likely to be another area “where Iger deviates,” wrote Bank of America’s Jessica Reif Ehrlich on Nov. 21. With demand for theme parks and experiences so high, Chapek responded by raising prices but also adding upcharges like Genie+ and Lightning Lane , features that had previously been free.
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