The Clap
Bob Iger, Disney (NYSE:DIS) CEO, will not be lifting the hiring freeze imposed by his predecessor as the company reassesses its cost structure.
What
Disney had been underperforming under former CEO Bob Chapek. In an attempt to address the challenges faced, Chapek had begun implementing numerous cost-cutting measures.
Iger believes that the decisions made were wise given the challenges the company is facing, and a focus on profitability is necessary.
So What
Senior executives had lost faith in Chapek’s leadership, following a short stint at Disney. Iger took questions from staff, expressing how easy it was to return to Disney, and discussed a shift in strategy.
Now What
Iger said that Disney needs to begin focusing more on profitability rather than subscriber growth. Iger intends to restructure the organization.
