Walt Disney Co.’s DIS recently reappointed CEO, Bob Iger, ended the company’s COVID-19 era of working from home, alerting staff members in an email on Monday.
What Happened: In the email obtained by CNBC, Iger was said to have told employees that they must return to corporate offices four days per week starting March 1, saying that in-person collaboration was irreplaceable.
“As I’ve been meeting with teams throughout the company over the past few months, I’ve been reminded of the tremendous value in being together with the people you work with,” Iger wrote in the email originally reported on by CNBC.
“As you’ve heard me say many times, creativity is the heart and soul of who we are and what we do at Disney. And in a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together, nor the opportunity to grow professionally by learning from leaders and mentors.”
Why It Matters: The new company policy was put into place six weeks after Iger replaced former Disney CEO Bob Chapek. Iger has vowed to work closely with the Disney board of directors to groom a successor to take over the firm after his two-year term as CEO expires.
Other components of his predecessor's that Iger already reversed include the dismissal of Kareem Daniel and the restructuring of Disney's Media and Entertainment Distribution (DMED) division.
DIS Price Action: Shares of Walt Disney closed Monday up 0.91% to $94.77, according to data from Beniznga Pro.
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