The Walt Disney Company has announced a strategic reorganization to its business model, with immediate effect.
The Walt Disney will now operate across four segments:
- Direct-to-Consumer and International
- Combined Parks
- Experiences and Consumer Products
- Media Networks and Studio Entertainment
Furthermore, the corporate restructuring process has initiated a number of executive rearrangement.
According to a report in the Licensemag, Bob Chapek, chairman, Walt Disney Parks and Resorts, will now take on the role of chairman of the new Parks, Experiences and Consumer Products business segment. In his new role, he will take on additional responsibility for all of Disney’s consumer products operations globally, including licensing and Disney stores.
Additionally, the new segment will house Disney stories, characters and franchises, and the company’s existing consumer products operations will be merged with Walt Disney Parks and Resorts under Chapek. By uniting the two sectors, the company seeks to share resources to provide consumers with branded products and retail experiences inspired by their portfolio of licensing business across toys, apparel, home goods and digital games and apps.
Kevin Mayer, who has served as Disney’s chief strategy officer since 2015, will now serve as chairman of the new Direct-to-Consumer and International business segment, which will operate as a global platform for media, technology and distribution of Disney content produced by Disney’s Studio Entertainment and Media Network Groups, the report further stated.
The Media Networks group will be co-chaired by Ben Sherwood, president, Disney/ABC Television Group and James Pitaro, who was recently named president of ESPN. International Disney Channel operations will move to the Direct-to-Consumer and International business. Finally, the Studio Entertainment business segment will be led by Alan Horn, chairman, The Walt Disney Studios, and will remain virtually the same.
“We are merging our Consumer Products and Parks operations under one segment, combining strategy and resources to produce even more compelling products and experiences that bring our stories and characters to life for consumers,” Bob Iger, chairman and chief executive officer, The Walt Disney Company was quoted as saying.
