It’s been a rough year fiscally and organizationally for the most magical company on Earth, but Disney CEO Bob Iger was optimistic in an employee town hall meeting on Tuesday.
Iger spoke to employees about the unforeseen challenges he’s seen since returning to the company as CEO in November 2022.
“I knew that there were myriad challenges that I would face coming back,” he told employees. “I won’t say that it was easy, but I’ve never second-guessed the decision to come back, and being back still feels great.”
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Iger then noted that Disney has “emerged from a period of a lot of fixing to one of building again,” namely on areas of the company that “needed fixing.”
“I can tell you building is a lot more fun than fixing,” Iger said.
The optimistic outlook follows nearly 7,000 company-wide job cuts this year and a mass effort to cut spending, including an estimated $25 million budget cut on content (sports, films, streaming services) in fiscal 2024.
“We have real reason at Disney to be optimists, and it starts with the fact that we’re Disney,” Iger told employees. “And Disney, as you know, is a brand unto itself, but it’s also an umbrella company that houses many assets and many great brands. So, reason to be optimistic number one is that.”
The CEO said that the company will look at its portfolio with an “eye towards” businesses that provide the most promise for growth to “serve shareholders” best.
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Iger returned as CEO last year following a contentious run by Bob Chapek.
Iger’s contract was extended through 2026 in July.
Disney also initiated several price hikes in early 2023 for park admission and passes, but Iger quickly reversed that decision after dwindling admission numbers and consumer complaints.
“In our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing,” he said at the Morgan Stanley Technology, Media and Telecom Conference this past March. “I think there’s a way to continue to grow that business, but be smarter about how we price, so that we maintain that brand value of accessibility.”
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The Walt Disney Co. was down 2.75% in a one-year period as of Wednesday morning.
