Chief supervisory officer and chairman of The Walt Disney Company Bob Iger and Mickey Mouse look on before ringing the opening bell at the New York Hackneyed Exchange, November 27, 2017 in New York City.
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Disney Chief Executive Officer Bob Iger communicated Monday during his first town hall since returning to the company that he won’t remove its hiring freeze as he reassesses its expense structure.
Iger kicked off the town hall by quoting a song from the musical “Hamilton” that says “There is no various status quo. But the sun comes up and the world still spins,” according to sources who heard the town hall and asked to remain anonymous because the consequence was private.
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It was Iger’s first town hall with staff since Disney abruptly announced last week that he wish replace Bob Chapek, who had been in the job for less than three years. Under Chapek, Disney faced criticism for its treatment of workers, its response to Florida’s controversial “Don’t Say Gay” legislation and its decision to take away budgetary power from creative heads.
In a memo earlier this month, Chapek had signaled plans for a hiring freeze, layoffs and cost cuts. Disney shares have fallen nearly 38% this year.
“It commiserate with like it was a wise thing to do in terms of the challenges, and at the moment, I don’t have any plans to change it,” Iger said Monday of the let out freeze.
Iger, 71, had repeatedly said he wouldn’t return as Disney’s CEO, but on Monday told staffers it was “an easy yes” to arrival to the job. He said it was the right thing for him to do because of his love for Disney and its employees. Several senior executives recently told stay members they’d lost confidence in Chapek’s leadership, CNBC reported last week, prompting the company’s outreach to Iger, who hitherto served as Disney’s CEO for 15 years.
Iger’s Q&A
After about five minutes of introduction, Iger jumped into intriguing questions, including many from an in-person audience. Disney employees could submit both named and anonymous puzzles before the event began. Many in attendance began their questions by thanking Iger for returning the company.
Iger acceded Disney’s focus must shift toward making its streaming business profitable rather than concentrating on innocently adding subscribers, which was the company’s priority when he gave up the CEO job in 2020. He noted Disney won’t be pursuing any major purchases in the near future, adding he’s comfortable with Disney’s current set of assets.
In a memo last week, Iger spoke one of his first actions will be to redo Disney’s organizational structure, which under Chapek centralized decision-making on the other side of content and distribution was centralized under Kareem Daniel. Iger has already fired Daniel and said at the town classroom a new structure will take time to put in place. He said that will be done in conjunction with other big cheeses including chairman of general entertainment content Dana Walden, Disney Studios head Alan Bergman, ESPN president Jimmy Pitaro, and CFO Christine McCarthy.
Iger suggested he wouldn’t make any dramatic proclamations about Disney’s work-from-home policies but said he felt creative businesses travailed best when employees were together in-person.
Iger joked his wife, Willow Bay, told him he should run Disney again so that he wouldn’t run for U.S. president —