Walt Disney Co DIS newly appointed CEO Bob Iger, who took the reigns for the second time, told employees that the company would be undergoing a restructuring in the coming weeks.
In a memo to employees, Iger announced the departure of Kareem Daniel, the company’s head of media and entertainment and right hand to now-departed CEO Bob Chapek.
Iger announced, along with 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. As a result, Kareem Daniel will be leaving the company,” Iger said in the memo, which CNBC obtained.
The decision marks the swift undoing of one of Chapek’s primary actions during his nearly three-year tenure as CEO.
“Our goal is to have the new structure in place in the coming months. Without question, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses,” Iger said. “This is a moment of great change and opportunity for our company as we begin our second century.”
Price Action: DIS shares are up 0.03% at $97.61 during the premarket session on the last check Tuesday.
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