Iger Tells Disney Town Hall...Hiring Freeze Remains..For Now

UPDATE 1:30 PM Monday, Nov 28, 2022....Disney Chief Executive Officer Bob Iger said Monday during his first town hall since returning to the company that he won’t remove its hiring freeze as he reassesses its cost structure, reports CNBC..

Iger kicked off the town hall by quoting a song from the musical “Hamilton” that says “There is no more 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 event was private.

It was Iger’s first town hall with staff since Disney abruptly announced last week that he would replace Bob Chapek, who had been in the job for less than three years. Under Chapek, Disney faced criticism for its treatment of employees, its response to Florida’s controversial “Don’t Say Gay” legislation and its decision to take away budgetary power from creative heads.

Earlier this month, Chapek in a memo had announced plans for a hiring freeze, layoffs and cost cuts. Disney shares have fallen nearly 38% this year.

Iger, 71, had repeatedly said he wouldn’t return as Disney’s CEO, but on Monday told staffers it was “an easy yes” to return 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 board members they’d lost confidence in Chapek’s leadership, CNBC reported last week, prompting the company’s outreach to Iger, who previously served as Disney’s CEO for 15 years.

Iger’s Q&A

After about five minutes of introduction, Iger jumped into taking questions, including many from an in-person audience. Disney employees could submit both named and anonymous questions before the event began. Many in attendance began their questions by thanking Iger for returning the company.

Iger acknowledged Disney’s focus must shift toward making its streaming business profitable rather than concentrating on simply 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 acquisitions in the near future, adding he’s comfortable with Disney’s current set of assets.

Earlier story..

Disney Chief Executive Bob Iger will speak to employees at 9 a.m. PT Monday in a town hall, marking his return to the company, reports CNBC..

Iger said in a memo to employees he will discuss the future of Disney and answer questions about what’s ahead. He’ll speak from the Walt Disney Studio Lot in Burbank, California. The memo was obtained by CNBC.

The town hall will come just a week after he was reinstated as CEO, replacing Bob Chapek in a stunning turn of events.

“On Monday, I will be returning to the Walt Disney Studio Lot, a place I have always loved. I’m eager to be rejoining dear colleagues and meeting new team members who’ve become part of our company this past year,” Iger wrote in the message.

Iger has already started changing things at the company, which he led for 15 years until he stepped down and handed the reins over to Chapek in early 2020.

On Monday, the day after he took over the CEO job, Iger said the company would reorganize its media unit and announced the departure of that unit’s boss, Kareem Daniel, who was Chapek’s right-hand man