Disney CEO Bob Iger plans media restructuring, Kareem Daniel to leave

Karim Daniel

Source: BusinessWire

Karim Daniel, by Disney the media and entertainment chief – and right-hand man to now deceased CEO Bob Chapek – is absent from the company after Bob Iger returned to the top job.

Iger announced Daniel’s departure in a memo to employees on Monday, along with a “new structure that puts more decisions in the hands of our creative teams and streamlines costs.”

“This will require a reorganization of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will leave the company,” Iger said in the memo, which was obtained by CNBC.

The move marks the swift reversal of one of Chapek’s key actions during his nearly three-year tenure as CEO. Chapek reorganized the company to establish the DMED division and consolidate the fiscal power of Disney’s content and distribution divisions under Daniel.

“Our goal is to have the new structure in place in the coming months. No doubt elements of DMED will remain, but I fundamentally believe that storytelling is what drives this business, and it belongs at the center of how we organize our business, says Iger. “This is a time of great change and opportunity for our company as we enter our second century.”

Read the full memo:

Dear DMED employees,
As we begin the work of transformation that I told you about in my email last night, I want to start by offering my sincere appreciation and gratitude to each of you.
Over the next few weeks, we will begin to implement organizational and operational changes within the company. I intend to restructure things in a way that honors and respects creativity as the heart and soul of who we are. As you know, this is a time of tremendous change and challenge in our industry, and our work will also focus on creating a more efficient and profitable structure.
I’ve asked Dana Walden, Alan Bergman, Jimmy Pitaro and Christine McCarthy to work together on designing a new structure that puts more decision-making back into the hands of our creative teams and streamlines costs, and that will require a reorganization or 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.
Our goal is to put the new structure in place in the coming months. Undoubtedly, elements of DMED will remain, but I fundamentally believe that storytelling is what drives this business, and it belongs central to how we organize our business.
This is a time of great change and opportunity for our company as we enter our second century, and I am very proud to lead this team once again. I cannot say it enough: I am extremely grateful for the wonderful work you do every day and for your commitment to maintaining the level of excellence for which Disney has always been known.
I know change can be destabilizing, but it is also necessary and even energizing, so I ask for your patience as we develop a roadmap for this restructuring. More information will be shared over the coming weeks. Until a new structure is put in place, we will continue to operate under our existing structure. In the meantime, I hope you all have a wonderful Thanksgiving holiday and thank you again for all you do.
Bob

Correction: This story has been corrected to reflect that Bob Chapek was CEO of Disney for nearly three years. An earlier version misrepresented its terms of reference.

This is breaking news. Please check for updates.

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