Source: Business Wire
Karim Daniel, Disney’s The media and entertainment executive — and right-hand man to now-departed CEO Bob Chapek — left the company following Bob Iger’s return to the top job.
Iger announced Daniel’s departure in a memo to staff on Monday, announcing “a new structure that puts more decision-making power back in the hands of our creative teams and rationalizes costs.”
“This will require a restructuring of Disney Media and Entertainment Distribution. As a result, Kareem Daniel will be leaving the company,” Iger said in a memo obtained by CNBC.
The decision marks the swift unwinding of one of the major moves in Chapek’s nearly three-year tenure as chief executive. Chapek restructured the company, established the DMED division, and consolidated Daniel’s budgetary authority over Disney’s content and distribution division.
“Our goal is to build out the new structure over the next few months. There is no doubt that elements of DMED will remain, but I fundamentally believe that storytelling is what drives this company and it’s at the core of our business as an organization,” Iger said. Said. “This is a time of great change and opportunity for our company as we enter our second century. ”
Read the full memo:
Dear DMED Staff,
As we embark on the transformative work I mentioned in my email last night, I want to start by expressing my sincere thanks and thanks to each and every one of you.
Over the next few weeks, we will begin implementing organizational and operational changes within the company. I intend to restructure things in a way that honors and honors creativity as our core and soul. As you know, these are times of great change and challenge in our industry, and our work will also focus on creating more efficient and cost-effective structures.
I’ve asked Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to co-design a new structure that puts more decision-making power back in the hands of our creative teams and rationalizes costs that would require restructuring or Disney Media & Entertainment Publishing. As a result, Kareem Daniel is leaving the company, and I hope you all join me in thanking him for his many years of service to Disney.
Our aim is to establish the new structure in the coming months. There is no doubt that elements of DMED will remain, but I fundamentally believe that storytelling is what drives this company, it is at the core of our business as an organization.
It is a time of great change and opportunity for our company as we enter our second century, and I am proud to once again lead this team. I cannot say this enough: I am so grateful for the tremendous amount of work you put in every day and your dedication to maintaining the level of excellence that Disney has always been.
I know change can be unsettling, but it is necessary and even dynamic, so please bear with us while we develop our roadmap for this reorganization. More information will be shared in the coming weeks. Until the new structure is in place, we will continue to operate under the existing structure. In the meantime, I hope you all had a wonderful Thanksgiving holiday and thank you again for all you do.
Correction: This story has been corrected to reflect that Bob Chapek served as Disney CEO for nearly three years. An earlier version incorrectly stated his tenure.
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