By Dawn Chmielewski
(Reuters) – Walt Disney CEO Bob Iger told employees that he faced a “myriad of challenges” upon returning to the company but remained upbeat about its prospects.
“I knew that there were myriad challenges that I would face coming back,” Iger said in remarks at a company-wide town hall Tuesday at the New Amsterdam Theatre, according to people who attended the meeting. “I won’t say that it was easy, but I’ve never second-guessed the decision to come back.”
Iger said the company is poised to begin building its business again, after a year of restructuring to responded to wrenching changes in the industry caused by streaming.
“I feel that we’ve just emerged from a period of a lot of fixing to one of building again,” Iger said. “And I can tell you building is a lot more fun than fixing.”
Iger was joined on stage by the leaders of the company’s business segments, Disney Entertainment co-chairmen Alan Bergman and Dana Walden, ESPN Chair Jimmy Pitaro and parks chief Josh D’Amaro.
The meeting marks the one-year anniversary of Iger’s first town hall since rejoining the company as chief executive in November 2022.
The presentation comes against the backdrop of pressure from activist investor Nelson Peltz, who is planning a new board challenge at Walt Disney less than a year after the Burbank, California, entertainment giant laid out plans that addressed his initial criticisms.
Iger is scheduled to appear Wednesday at the New York Times’ DealBook summit.
The Disney CEO returned to the company following the tumultuous tenure of hand-picked successor Bob Chapek, who had clashed with “Black Widow” star Scarlett Johansson over the decision to simultaneously release the film in theaters and online, and with Florida Governor Ron DeSantis over legislation limiting classroom discussion of sexual orientation or gender identity.
Disney has undergone a transformation under Iger, who restructured the company and streamlined operations to make the business more cost effective. It is on track to exceed the $5 billion in cost savings it promised investors in February.
Iger also has said the company is evaluating options with regard to its profitable but declining television business, as traditional cable and satellite distributors continue to lose subscribers. Disney also is seeking investors in ESPN, as it prepares to make its flagship sports network available via streaming at some point in the future.
(Reporting by Dawn Chmielewski in New York, Editing by Nick Zieminski)
