Walt Disney World’s CEO has returned to his position after just a couple of years off the job and addressed cast members in a town hall meeting. In this meeting, he discussed the multiple problems the company is facing, including Disney’s current hiring freeze, and then shared his priorities. He plans to focus on the Disney+ streaming platform.
Iger told employees during the meeting at the company’s Burbank, California headquarters that Disney’s hiring freeze would remain in place as of now. The hiring was frozen by his predecessor, Bob Chapek, earlier this month. Iger replaced Chapek, who had a short and complex tenure as head of Disney.
Bob Iger also said it is wise to keep the hiring freeze, giving the company challenges. He also mentioned that the duration of the hiring halt would be a factor as he addressed Disney’s overall ‘Cost structure’.
The announcement of Iger’s return came at the right time when the company was confronting difficulties, which included a share price that had been slow throughout the year and a streaming business that was growing but losing money.
Iger said when he left the company last year, Disney’s Streaming success was being measured by different factors, but the primary was growth, which has been shifted to a focus on the ‘Bottom Line’ and ‘how much we are losing and when we will be profitable.’
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He added that instead of ‘chasing subs with aggressive marketing and aggressive spend on content’, the company needs to start ‘chasing profitability.’ In order to do that, Disney needs to take a ‘very, very hard look’ at the cost structure across its businesses.
With his priorities and strategies, it seems that Bob will bring significant changes to the company’s growth and profit.