Disney CEO Bob Iger is cracking down on distant work as he attempts to guide a turnaround effort on the struggling entertainment giant.
Iger, who returned as Disney’s CEO in late November, told hybrid corporate employees they will likely be required to work within the office at the very least 4 days per week starting on March 1.
“As I’ve been meeting with teams throughout the corporate over the past few months, I’ve been reminded of the tremendous value in being along with the people you’re employed with,” Iger wrote in a memo obtained by CNBC.
“As you’ve heard me say again and again, creativity is the center and soul of who we’re and what we do at Disney,” Iger added. “And in a creative business like ours, nothing can replace the flexibility to attach, observe, and create with peers that comes from being physically together, nor the chance to grow professionally by learning from leaders and mentors.”
Disney’s corporate employees will likely be required to work on site 4 days per week.GC Images
Iger is aiming to bolster Disney’s results after a dismal yr by which his predecessor, Bob Chapek, faced each internal and external criticism over a series of business missteps and PR gaffes. Shares of the Burbank, Calif.-based company have plunged nearly 40% during the last 12 months.
Iger had hinted at a possible update to Disney’s work policies during a town hall meeting with employees in late November. On the time, the chief stopped wanting mandating a return to the office, at the same time as he nudged employees to start out working more on site.
“I worry long run in regards to the negative impact on individuals who have decided to not spend as much time on the office,” Iger said, based on Bloomberg. “I’m going to spend a variety of time here, and I hope that it’s not lonely.”
Disney shares are down 40% during the last yr.Los Angeles Times via Getty Imag
The Post has reached out to Disney for further comment.
Disney will join many other leading firms, including Tesla and Snap, which have ordered employees back to the office for a hard and fast variety of days because the COVID-19 pandemic wanes.
The return-to-office push is the most recent sign of Iger’s plans to shake up the Mouse House.
Iger previously revealed his intent for a significant internal reshuffling at Disney that might re-emphasize the ability of creative executives at the corporate — a few of whom had reportedly lost confidence in Chapek prior to his exit.
He also told Disney employees that the corporate’s hiring freeze would remain in place while he examines costs.
