Revamp In Disney (DIS) Top Management
November 12, 2009 9:19 AM
There was a wind of change in the top management at the Walt Disney Studio. Walt Disney Company (NYSE: DIS) CEO Bob Iger replaced the long time Walt Disney Studio chairman Dick Cook with Rich Ross. The company has massive plans to reorganize its business.
The final nail in the coffin for Dick Cook was the terrible box office performance of its latest release which is a remake of "A Christmas Carol" starring Jim Carrey. The film opened to a paltry $30 million last weekend on a production budget of around $175 million.
Analysts estimate that Disney will book a massive loss of $50 million to $100 million on the film and this will result in the company missing the earnings estimates by a long way.
Disney needs to find the right executives handling the operations of the studio especially after the acquisition of Marvel Entertainment. The new top management consists of Bob Chapek, Alan Bergman, Oren Aviv and a new addition in form of former Pixar technology boss Greg Brandeau as the Chief Technology Officer and Executive VP.
