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Even though it’s been months since former Disney CEO Bob Chapek officially left the company (with sizeable severance pay) and Disney CEO Bob Iger returned to clean up the Mouse House in the wake of Chapek’s mess, there have been many changes instituted in the Walt Disney Company. From the reorganization of the company with respect to top-level executives or the major layoffs that Disney is presently undergoing. And with this recent promotion, the Walt Disney Company is slowly putting more nails in the coffin of the Chapek-era.
Former Disney CEO Bob Chapek and current Disney CEO Bob Iger / Credit: ABC
Bloomberg reported recently that Joe Earley has been named the president of Disney’s direct-to-consumer business, “a critical role that includes responsibility for the company’s flagship Disney+ and Hulu streaming services.” Earley will be reporting to Dana Walden and Alan Bergman, the co-chairmen of Disney’s entertainment division, and succeeds Michael Paull, who is leaving the Mouse House after six years of service.
In the statement released, Bergman and Walden said, “Joe has proven himself to be an extraordinary asset and is uniquely positioned for this role as we guide Disney’s streaming strategy into the future.” Earley joined Disney in 2019 in the role of marketing for the launch of the Disney+ service. He was quickly appointed as the president of Hulu last year before his promotion once again this year.
Joe Earley to lead Disney’s DTC sector, which includes its streaming business.
As Disney Fanatics know, the streaming sector had sustained major losses, and it was soon after the earnings call of Q4 of the last financial year, where Bob Chapek seemingly tried to continue to paint a picture that investors didn’t agree with, that we soon found out about his ousting.
Over the last few months, the clean-up effort has been apparent, and it’s clear that Iger is set on bringing in executives who he trusts to make the right calls for Disney.
Fantasyland, Magic Kingdom Park, Walt Disney World Resort / Credit: Disney
As Bloomberg reported,
Streaming is one of the pillars of Disney’s future as revenue from cable television declines. With investors pressing media companies to boost the returns from streaming, Iger is aiming for that business to break even as early as next year.
One of Disney CEO Bob Iger’s main responsibilities in returning was to look into the $1.47 billion quarterly loss in Disney’s streaming business and turn it around. And with these latest updates, it seems he’s set on doing just that.
