Kareem Daniel to leave Disney as Bob Iger steps back into CEO role
Bob Chapek was replaced as CEO on Sunday
Bob Iger returns as head of Walt Disney Company
Former investment banker Carol Roth joins "Fox Business Tonight" to discuss CEO Bob Iger’s return to Disney and if there will continue to be an emphasis on activism in the company under his leadership.
Bob Iger is wasting no time in restructuring Disney.
On Sunday, Iger returned to his CEO position of the company, replacing Bob Chapek. On Monday, Iger announced that Kareem Daniel, the head of media and entertainment, will be leaving the company.
Dana Walden, Alan Bergman, Jimmy Pitaro and Christine McCarthy will now be in charge of the reorganization of Disney Media & Entertainment Distribution.
Daniel, who worked closely with Chapek over the last two years, was a longtime employee of Disney, starting when he was an intern working toward his MBA at Stanford.
Kareem Daniel, left, will be leaving Disney as Bob Iger, right, takes back his role as CEO. (Getty Images / Getty Images)
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He was vice president of distribution strategy at Walt Disney Studios when the company decided to move forward and purchase Marvel Studios as well as Lucasfilm.
Iger, who is seen here in 2020, led Disney for 15 years as chief executive. He handed off the role to Chapek in 2020. (Robyn Beck/AFP via Getty Images / Getty Images)
He became the head of media and entertainment under Chapek’s leadership, where he aided the former CEO in Disney+ streaming. Daniel oversaw the streaming service, domestic television networks and studios.
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Chapek was replaced by Iger on Sunday. The stunning development comes two weeks after Disney's quarterly financial crisis fell well short of Wall Street expectations on both profit and revenue, a rarity, sending shares tumbling 12%.
The company's stock jumped more than 6% Monday, with the appointment of Iger effective immediately. The stock is still down 37% this year.
Chapek oversaw Disney during one of the most challenging periods in company history that began with a pandemic and ended, at least under Chapek's rule, with spiraling inflation.
But his time as chief executive was also marked by what many saw as unforced errors for a company that, under Iger, appeared could do no wrong.
On Sunday, Iger returned to his CEO position of the company, replacing Bob Chapek, pictured here. (David Livingston/Getty Images / Getty Images)
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Iger was Disney's public face for 15 years as chief executive before handing the job off to Chapek in 2020.
The Associated Press contributed to this report.