The newly re-appointed CEO of the Walt Disney Company, Bob Iger, announced in a statement today that Chairman Kareem Daniel would leave Disney after over 14 years of service.
Of course, the move comes on the heels of former CEO Bob Chapek’s infamous exit from the Walt Disney Company last night. With the Board’s decision to remove Chapek from his position, they reinstated former CEO Iger for another term until 2024.
Chapek selected Kareem Daniel, who previously held the titles of “Chief of Staff to the Office of the CEO” and “President of Disney Consumer Products, Games and Publishing,” to head the newly formed Disney Media and Entertainment Distribution division as part of his efforts to restructure Disney’s streaming and television platforms back in 2020. His hope was to consolidate power in order to increase profitability goals.
In contrast, Iger’s approach centered around the Disney Company’s creative talent and the flow of ideas from those in creative positions to drive content creation for both its media platforms and theme Park experiences.
The division faced enormous pressure to deliver profitable results within the realms of media operations, sales, advertising revenue, and content distribution, primarily based on data. In fact, Daniel’s responsibilities within the new position included the dissemination of content across Disney’s platforms, such as the Disney Channel, ABC’s Freeform, and Disney+, especially advertisement sales.
During Disney’s Annual Q4 Earnings Call, Chapek announced a record number of subscriber growth since the launch of Disney+, although, with close to $1.5 billion in losses the streaming platform was not estimated to turn a profit until the fiscal year 2024. In addition to Disney+, the Company also faced challenges with revenue streams from other platforms in their operation such as ESPN+ and Hulu. Therefore, it’s no surprise Iger would want to reevaluate the Media division’s practices and expertise.
Theme Park reporter Scott Gustin shared the news via Twitter:
BREAKING: Kareem Daniel is out at Disney. pic.twitter.com/jrbuY78t3L
— Scott Gustin (@ScottGustin) November 21, 2022
Today, Iger told employees via email that the Company will soon undergo a “reorganization of Disney Media & Entertainment Distribution” in order to “set the strategic direction for renewed growth” during his brief two-year term. On Daniel’s exit from the Company, he said:
“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, and this will necessitate a reorganization of 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.”
DisneyTips will provide updates on Chairman Kareem Daniel, as well as Iger’s restructuring plans for the Walt Disney Company, as they become available.