Returning CEO Bob Iger laid out his future plans for The Walt Disney Company during a town hall Monday and took questions from employees.
Iger said that House of Mouse would remain “flexible” and focus on creativity and making its streaming business profitable, rather than just adding customers.
“Every transaction that happens in this company stems from some sort of creativity, and so that’s my number one priority. That’s the focus,” Iger explained. “It’s not about how much we make. It’s about how great things we make.”
He also said there are no plans to replace the previously announced hiring freeze.
“I have no plans No do that. I think it will have to continue,” he said. “It is among the things that are being implemented and will be considered in terms of length of time, addressing the company’s cost structure. It felt that the challenges In that sense it was a wise move, and at the moment, I have no plans to change it.
Furthermore, Iger addressed TheWrap’s reporting that Disney could potentially consider selling the company to Apple, calling it “pure speculation.”
“We never comment on acquisitions or divestments,” he said. “You can get into a lot of trouble there quickly, and I really don’t want to leave this job and go to jail.”
During Iger’s tenure, notable acquisitions of The Walt Disney Company included Pixar, Marvel, Star Wars, and 21st Century Fox.
When asked whether Disney would make any more acquisitions, Iger said the company is “very comfortable” with the assets it already has.
“I think they can serve our company and shareholders well over the long term, and there’s no sense of urgency or even interest right now in acquiring anything else, so there’s no way soon.” Don’t expect heading time as well,” he said.
Earlier this month, Disney’s board revealed that Iger was returning for a two-year term to be replaced by his successor, Bob Chapek. The move was prompted by disappointing earnings results for the company’s latest quarter.
In his first memo to employees last week, Iger said he intended to reorganize the company in a way that “respects and honors creativity as the heart and soul of who we are.”
“As you know, 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,” he wrote. “I asked Dana Walden, Alan Bergman, Jimmy Pitaro and Christine McCarthy to work together on the design of a new structure that puts more decision-making in the hands of our creative teams and rationalizes costs, and This would require restructuring of Disney Media and Entertainment Distribution.
As part of the move, DMED chief Karim Daniels has been ousted from the company.
Iger reiterated Monday, “What I announced last week about DMED is a work in progress, designed to do one thing: to restore control, responsibility and accountability to the creative businesses. ” “That’s how this company has been structured for most of its history, and that’s how it will be structured going forward.”
On Monday, Disney stock was up more than 3% and down 38% on the year.
