Iger said in a memo to employees he will discuss the future of Disney and answer questions about what’s ahead. He’ll speak from the Walt Disney Studio Lot in Burbank, California. The memo was obtained by CNBC.
The town hall will come just a week after he was reinstated as CEO, replacing Bob Chapek in a stunning turn of events.
“On Monday, I will be returning to the Walt Disney Studio Lot, a place I have always loved. I’m eager to be rejoining dear colleagues and meeting new team members who’ve become part of our company this past year,” Iger wrote in the message.
company, which he led for 15 years until he stepped down and handed the reins over to Chapek in early 2020.
On Monday, the day after he took over the CEO job, Iger said the company would reorganize its media unit and announced the departure of that unit’s boss, Kareem Daniel, who was Chapek’s right-hand man.
this month after the company reported wide misses on fourth-quarter earnings and revenue, which were driven partly by growing losses in its direct-to-consumer segment. He also criticized the former Disney head for not taking responsibility for his mistakes on the company’s post-earnings conference call.
“It was disgraceful, frankly,” he said.
And while he’s pleased with Iger’s return, Cramer reminded investors that there’s still work to do for the company to cut costs and prioritize profitability, particularly as it relates to the company’s streaming business.
“Iger set lofty goals for profitability for Disney+. It’s time to reset those goals to more realistic levels,” he said, adding: “Iger needs to say that profitability is what really matters here, not subscriber growth.”