Iger Says Disney Hiring Freeze to Remain

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Iger Says Disney Hiring Freeze to Remain

The Wall Street Journal2022-11-29

Disney CEO Robert Iger was interviewed at the town hall by KABC-TV Los Angeles newscaster Leslie Sykes on Monday.Walt Disney Chief Executive Robert Iger told employees in a company wide town hall ...

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JQC
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Mr. Iger, who was Disney’s CEO from 2005 to 2020, was met with applause when he was introduced at the Monday town hall and he responded by saying he thought he might cry.Mr. Igeris facing a number of challengesin returning to Disney, including employee morale. Creative professionals in the company’s studio and streaming divisions, the so-called cast members who work in the parks and the engineers who develop and build the park attractionshave expressed concernsat various times over the past year about how Mr. Chapek was running Disney.Dressed in a navy cardigan, white dress shirt and navy slacks, the 71-year-old Mr. Iger tried to ease the nerves of employees after a stressful week of shake-ups and uncertainty. Greeted with a large ovation by a few hundred executives invited to attend the town hall in person, Mr. Iger stressed the role of creativity in determining much of the company’s strategy going forward.Mr. Iger said that he was recently listening to the music from the Broadway musical “Hamilton,” specifically the song “What Did I Miss?” sung by the Thomas Jefferson character, which contains the lines, “There is no more status quo, but the sun comes up and the world still spins.”“That’s how I feel here,” Mr. Iger said. “The status quo is gone, a lot has changed, but the sun is still shining and our world, our Disney world, is still spinning.”Mr. Iger was interviewed at the town hall by KABC-TV Los Angeles newscaster Leslie Sykes, and he took questions from employees.Disney shares fell more than 3% Monday and are down about 39% since the start of the year.In response to a question about economic challenges facing the company, Mr. Iger said that in streaming, Disney would give priority to making money over adding subscribers, signaling a strategic shift that many investors have been calling for since early this year.“We have to start chasing profitability,” Mr. Iger said. “It will be demanded of us.”Achieving profitability in streaming, however, could be difficult, analysts have said, now that Disney has moved past its initial growth phase for flagship streaming service Disney+, which initially relied on a partnership with cellphone carrier Verizon Wireless to sign up millions of subscribers at discounted entry-level prices.“Bob Iger has always been focused on profitability in basically every business that Disney has, and a leopard doesn’t change his spots,” saidRoger Entner, a media and telecom analyst at Recon Analytics LLC.Over the past year, Disney+ has added 7.6 million new subscribers in North America, compared with 38.5 million internationally, including India’s Disney+ Hotstar service, which analysts have highlighted as proof that the service might be close to reaching its ceiling in the U.S. and Canada.Earlier this month, previous CEO Mr. Chapek announcedcompanywide cost-cutting measuresand told division leaders that layoffs were likely. The austerity measures included a ban on all but essential work travel and a freeze on new hires for all but a few critical positions.Mr. Iger said he doesn’t have any plans to alter the hiring freeze and said that he is taking cost-cutting measures very seriously.Mr. Iger said he wasn’t entirely up to speed on Disney’s spending and added that he would spend where it will add value for the company.Under Mr. Chapek and as part of his growth plan for the company’s streaming services, Disney increased its content spending dramatically, to around $30 billion this fiscal year alone. At the same time, itcharged customers far lessfor Disney+ than most of its rivals, includingNetflixandWarner Bros. DiscoveryInc.’s HBO Max. Thisstrategy helped attract customers, but led to ever-growing losses for Disney’s streaming division, whichballooned to $1.47 billionin the most recent quarter.Asked about potential transactions, Mr. Iger said he didn’t see any on the immediate horizon.“Nothing is forever, but I’m very comfortable with the set of assets that we have. I think they can serve our company,” he said, adding “don’t expect any headlines soon about deals.” He declined to comment on reports of a potential eventual sale of Disney to another company such asAppleInc. but said, “what you’ve read is pure speculation not rooted in any fact.”Mr. Iger was asked about the challengesfacing Disney’s traditional media assetssuch as the ABC broadcast network and cable channels ESPN and the Disney Channel. He recently made caustic remarks about those businesses.“If you look long term at the future of linear TV, it would be wise to be skeptical or pessimistic about it. How that manifests itself in our company I don’t know,” he said.Mr. Iger said that he hasn’t been fully briefed on a controversial plan to relocate Disney’s “imagineers”—the engineers and designers who create the company’s theme park rides—from Southern California to Florida, which has been delayed until 2026. He said he wasn’t committed to reversing that decision, but “it’s something I will look into.”A Disney imagineer asked Mr. Iger his opinion on the theme parks’ online reservation system, and whether or not he intended to keep it in place. The system, which was implemented when the parks reopened after pandemic-related closures, has become one of the most frequent sources ofcomplaints among visitors, many of whom think it limits flexibility and makes it harder to get tickets on the days they want to visit.“I have not used the parks reservation system,” Mr. Iger replied. “I know a lot has been written and said about it, not all positive, but some positive, and before I make any judgment on it, I want to hear more fromJosh D’Amaro, who runs that business for us, and have a better perspective.”When prompted to discuss Disney’s public spat with Florida Gov.Ron DeSantisearlier this year, Mr. Iger said that the company’s LGBT employees are very important and that the company cares deeply about them.In March, groups of Disneyemployees staged walkoutsin Florida and California over the company’s initial failure to take a public stance against a Florida education bill that they said targeted LGBT teachers and students. Mr. Chapeklater opposed the lawand apologized to employees in a letter for what he said was his failure to support them.Mr. Iger said that it isn’t easy to respond to political criticism.“We’re not going to make everybody happy all the time, and we’re not going to try to,” he said. “It’s complicated. There’s a balance. We do what we believe is right. Some might criticize and say who are you to say what’s right. When you’re in a job like mine, you need to have a sense of what’s right.”On the issue of employees returning to work as the threat of Covid-19 lessens, Mr. Iger said he wasn’t issuing any proclamations but believed people should be in the office and that leads to better creativity and teamwork.“There is tremendous value of working in the same place,” Mr. Iger said, stressing that he thinks it enables creativity and is extremely important. He also said he believes there could be a negative impact on people who spend less time at the office. He said, in an acknowledgment to long commutes, that if your drive is shorter at 4 p.m. than at 6 p.m. then leave at 4 p.m.“I’m going to spend a lot of time here, and I hope it is not lonely,” he said.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9962993256,"gmtCreate":1669688237976,"gmtModify":1676538223498,"author":{"id":"4106387998711340","authorId":"4106387998711340","name":"JQC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"[Applaud]&nbsp;[Applaud]&nbsp;[Applaud]&nbsp;","listText":"[Applaud]&nbsp;[Applaud]&nbsp;[Applaud]&nbsp;","text":"[Applaud] [Applaud] 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