Disney CEO Bob Iger said Monday the company’s hiring freeze would remain in place as the entertainment giant reassesses its cost structure.
During his first town hall meeting at the company’s Burbank, California headquarters, and on his first day back as CEO, Iger said Disney needs to chase profitability from streaming rather than new subscribers.
The hiring freeze was announced earlier this month by Iger’s predecessor Bob Chapek who was ousted as CEO after a short and tumultuous tenure as the head of Disney. The surprising move that broke the news last Monday took analysts and investors by surprise.
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 a source quoted by CNBC.
Under Chapek, who had been in the job for less than three years, Disney faced criticism for its treatment of employees and its decision to take away budgetary decision making from creatives.
The company is facing great difficulty and scrutiny as challenges grow across its media empire, mostly in the streaming market. The company’s shares had lost about 35% so far this year.
Iger already reorganized Disney’s content distribution structure, replacing Kareem Daniel, former chairman of media and entertainment distribution.
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