Disneys newly returned CEO Bob Iger informed employees he plans to “restructure” the company “in a way that honors and respects creativity as the heart and soul of who we are.”
“This is a time of enormous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure,” Iger wrote in the memo.
Disney revealed in its latest earnings report that despite growth in subscribers at streaming platforms Disney+, ESPN+ and Hulu, operating losses in the segment amounted to $1.47 billion.
The team leading the restructuring will include Disney Studios Content Chairman Alan Bergman ESPN and Sports Content Chairman Jimmy Pitaro.
Iger served as CEO from 2005 to 2020, and was succeeded by Bob Chapek. The company announced the reappointment of Iger on Nov. 20.
