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News! New Walt Disney Company Treasurer Announced

Earlier this month, The Walt Disney Company announced a wave of leadership shifts.

Disney Springs

These changes included appointing new park presidents for both Disney World and Disneyland, naming Josh D’Amaro the Chairman of Disney Parks, Experiences, and Products, and shifting Rebecca Campbell into the role of Chairman for the Direct-To Consumer sector. And now, Disney announced a change to its financial leadership.

Shortly after news broke that the Disney World parks were proposed to reopen in July after being closed since March, Deadline reported that The Walt Disney Company has appointed a new treasurer.

Cinderella Castle

Previous senior vice president, Treasurer, Jonathan Headley, is retiring and finance executive, Carlos Gómez, has been promoted to take his place. Gómez will report to the Chief Financial Officer, Christine McCarthy, and will oversee Disney’s “corporate finance, liquidity management, capital markets, and banking activities,” among other roles.

Disney Springs

Gómez has been a member of the Walt Disney Co. team for 22 years and has served as the vice president of Investor Relations since 2011. He commented on his new position stating, “I look forward to leveraging my experience in this new role…to ensure the company has the access to capital necessary to execute on its strategic priorities, and to help guide the team through this unprecedented time.”

Walt Disney World

McCarthy referred to Gómez as “an exceptionally talented and versatile finance executive,” and noted Headley “leaves behind an impressive legacy which includes an outstanding treasury organization and strong roster of talent…of which Carlos is a tremendous example.”

You can read more about how The Walt Disney Company’s new leadership affected stock ratings here!

What do you think of Disney’s new leadership changes? Let us know in the comments below.

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Disney calls on Congress to provide $1 trillion in coronavirus relief to local governments

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Business leaders and corporate executives in the state of California are urging members of Congress to approve a budget increase for state and local governments affected by COVID-19.

The business leaders are members of California Governor Gavin Newsom’s business recovery task force. Their objective is to help repair the economy by recovering jobs and business activity. The business recovery task force is specifically asking Congress to provide $1 trillion in pandemic relief for all U.S. states.

Disney Executive Chairman Bob Iger is one member of the California business recovery task force. He is joined by nearly 100 other corporate leaders from companies such as Netflix, Salesforce, Facebook, and etc. Bob Iger is helping the task force since the Walt Disney Company represents a sizable part of the California economy. Stewardship is a big responsibility for business leaders because they must look out for the best interests of their employees and environment. Bob Iger and these other task force members are collaborating on how to best serve the interests of everyone during this national pandemic. The letter the task force sent to Congress includes the following excerpt:

“Reopening our economies is a welcome step forward, but the success of our efforts ultimately relies on building greater confidence among consumers that it is safe to shop and greater certainty for workers that the services they rely on to do their jobs will remain in place. Without that, we will be a re-opened economy in name only.”

They stress the importance of pandemic relief by stating how it will protect core government services and help people financially recover from the effects of COVID-19. Ensuring safety and helping people return to work are priorities mentioned in the letter to Congress.

Source: CNBC

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News! Analyst Downgrades Disney’s Stock Rating Due To Leadership Changes

We reported yesterday that The Walt Disney Company shifted around their executives to form a new leadership team.

@joshdamaro on Instagram

This change-up moved Josh D’Amaro to the Chairman of Disney Parks, Experiences, and Products, and named new presidents for both Disney World and Disneyland. Former Disneyland President, Rebecca Campbell, is stepping into the role of Chairman for the Direct-To Consumer sector and analysts shared their concerns with this recent change.

Campbell is taking over the chairman role previously held by Kevin Mayer. However, Mayer recently stepped down to become the CEO of TikTok and COO of its parent company.

According to the Hollywood Reporter, Loop Capital analyst, Alan Gould, downgraded his rating of Disney from “buy” to “hold.” He explained by stating, “we believe the bounce-back from the pandemic will take longer than the Street is currently estimating, the stock is approaching our price target, and the uncertainty is exacerbated by the loss of Kevin Mayer.”

Jesse Grant/Getty Images for Disney

He referred to Mayer as “”the architect of the Disney+ launch” and Bernstein analyst, Todd Juenger, referred to Mayer’s successor, Campbell, by stating, “She joins the business at a moment where the already thin original content pipeline has dwindled to essentially ‘nothing.’”

He continued, “There are also vitally important strategic decisions to be made on the future of Hulu…She will not have the luxury of time to contemplate most of these tough decisions.”

@rebeccacampbelldisneyland on Instagram

Jeunger also posed questions about the changes including “Why put somebody from parks in charge of the future of streaming? Given the crucial and transformative role of streaming to Disney’s future, many investors were surprised that Disney didn’t name someone from the streaming side as CEO. Now, Disney hasn’t even named someone from the streaming side to be in charge of streaming.”

©Disney

Juenger continues to explain that if Disney had looked for someone with a deeper streaming background, the “very short list” would have been expensive individuals who are not looking to change jobs right now. He stated this was a “cold comfort for nervous investors who now have a surprise departure and unfamiliar replacement in charge of the division most associated with Disney’s future.”

©ESPN

Juenger explained that investors are already concerned about a new risk that they are unfamiliar with. He expressed concern with Disney’s limited “visibility” for roles apart from CEO and CFO, so he is hoping Disney will work to connect Campbell with investors to help ease their uncertainty during this transition.

What do you think of the new Disney Company transitions? Let us know in the comments!

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News! Former Disney Chairman Named CEO of TikTok

Today, Disney announced a new leadership team including Josh D’Amaro in his new position as Chairman of Disney Parks, Experiences, and Products.

@joshdamaro on Instagram

Other members include Rebecca Campbell, Jeff Vahle, Kareem Daniel, and Thomas Mazloum. Campbell took on the position of chairman of Disney’s Direct-to-Consumer and International, which was formerly held by Kevin Mayer. However, Mayer is moving on to a position with a popular video service.

According to Variety, Mayer stepped away from The Walt Disney Company to assume the role of chief executive officer at the “short-form video platform,” TikTok. He will also be taking on the position of chief operating officer at TikTok’s parent company, ByteDance.

Jesse Grant/Getty Images for Disney

ByteDance CEO stated, “Kevin’s wealth of experience building successful global businesses makes him an outstanding fit for our mission of inspiring creativity for users globally. As one of the world’s most accomplished entertainment executives, Kevin is incredibly well placed to take ByteDance’s portfolio of products to the next level.”

Mayer will support ByteDance by overseeing TikTok, music, gaming, Helo, and other new ByteDance businesses. He is scheduled to start officially working with the company in Los Angeles on June 1st.

Disneyland Main Entrance

Mayer spoke out on his new position by stating “I’m thrilled to have the opportunity to join the amazing team at ByteDance. Like everyone else, I’ve been impressed watching the company build something incredibly rare in TikTok — a creative, positive online global community — and I’m excited to help lead the next phase of ByteDance’s journey as the company continues to expand its breadth of products across every region of the world.”

Epcot Monorail

Kevin Mayer started working with Disney in 1993, but left in 2000 to become the CEO of Clear Channel Interactive. He returned to Disney in 2005 as EVP of corporate strategy. Most recently, Mayer oversaw Disney’s launch of Disney+ and ESPN+.

©Disney

Disney CEO, Bob Chapek, stated “Kevin has had an extraordinary impact on our company over the years…He has done a masterful job of overseeing and growing our portfolio of streaming services, while bringing together the creative and technological assets required to launch the hugely successful Disney Plus globally.”

Former Disneyland President, Rebecca Campbell, will take on Mayer’s previous role at The Disney Company.

Which streaming platform is your favorite and why? Let us know in the comments!

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