Image source: Los Angeles Times
Bob Iger, the reappointed Disney CEO, met with employees at Disney headquarters on Monday.
His appearance was Iger’s first since surprising the media with his return as Disney CEO last week.
The meeting
Bob Iger discussed several corporate issues on Monday, including Disney’s current hiring freeze and focused on the streaming platform, Disney+.
The reappointed Disney CEO emphasized his goal upon his return to the company: creativity.
At a town hall meeting at Disney’s headquarters in Burbank, California, Iger said the hiring freeze would remain in place for the time being.
Hiring freeze
Earlier this month, former Disney CEO Bob Chapek announced a hiring freeze.
Chapek’s time as CEO was short but also hectic.
Regardless, Bob Iger said the company should remain on hold, especially given Disney’s challenges.
Additionally, Iger said the length of the hiring freeze will be a factor in assessing Disney’s overall “cost structure.”
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Return
The announcement of Bob Iger’s return comes at a difficult time for Disney.
Its media empire is currently faced with a mountain of challenges.
One of the company’s challenges is a competitive price that has been consistently sluggish in 2022.
In addition, the streaming company is losing money as it grows.
According to Iger, Disney’s streaming success was measured by several metrics.
However, the most critical factor was growth in 2021.
Since then, the focus has shifted to the “bottom line,” how much the company is losing and when it will be profitable.
Creativity
Instead of chasing subscriptions with aggressive marketing and content spending, Iger believes the company should start chasing profitability.
Disney would have to carefully examine the cost structure of all of its businesses in order to achieve profitability.
However, Iger also emphasizes that the company must focus on creativity.
“A number of you who worked with me know that I’m obsessed with it,” said Iger, referring to Disney’s creative muscle.
“But I’m obsessed with that for a reason. It is what drives the company.”
Bob Iger made it clear that it’s not about what the company creates.
Instead, it’s about how “great the things are that we do create.”
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Impact
Bob Iger wasted no time making his mark on the company.
Shortly after the announcement, he reviewed Disney’s distribution structure.
He also announced that Kareem Daniel, president of the media and entertainment distribution unit, will be leaving the company.
On Monday, Bob Iger tweeted a photo of Disney’s headquarters, saying he was grateful and excited to be back.
Reference:
Bob Iger lays out his priorities for Disney as he returns as CEO
