The Walt Disney Company is merging its theme-park division with consumer products as part of a reorganization announced Wednesday.
The restructuring comes to better position the company for the future and be more efficient, said Bob Iger, the company's chairman and chief executive officer, in a news release.
Bob Chapek, who was the chairman for Walt Disney Parks and Resorts, will continue reporting directly to Iger and take on the "additional responsibility for all of Disney's consumer products operations globally, including licensing and Disney stores, as Chairman of the new Parks, Experiences and Consumer Products business segment," the release said.
James Pitaro had been chairman of the consumer products and interactive division from February 2016 until he was named president of Disney-owned ESPN.
"We are strategically positioning our businesses for the future, creating a more effective, global framework to serve consumers worldwide, increase growth, and maximize shareholder value," Iger said in a statement. "We are merging our Consumer Products and Parks operations under one segment, combining strategy and resources to produce even more compelling products and experiences that bring our stories and characters to life for consumers."
"Bob comes to this new role with an impressive record of success at both Parks and Resorts and Consumer Products, and he is the perfect leader to run these combined teams," Iger said.
For the company, the theme park division generated $5.2 billion in revenue _ an all-time quarterly high for the division, the company said in February.
"The parks had such a strong quarter," Disney Chief Financial Officer Christine McCarthy said during a call with investors at the time.
The latest changes will also consolidate the Disney's Direct-to-Consumer Services, Technology and International Media Operations as the company prepares to launch a new ESPN streaming service followed by another streaming service that plays Disney movies.
Kevin Mayer, Disney's Chief Strategy Officer since 2015, will be the Chairman of the new Direct-to-Consumer and International business segment, the company said Wednesday.
