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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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Disney Along with Several Other Major Companies Seek Over $1 Trillion in Relief For Local Aid

Not too long ago, we told you about a Federal Aid plan that included a $25 billion airline rescue package to bail out the hard-hit travel industry due to the country’s recently shut down.

Orlando International Airport

And now Disney along with top industry leaders of several major companies are moving forward with a plan to seek over $1 trillion in government aid.

First reported by CNBC, California Governor Gavin Newsom is asking for more state and local funding along with his task force which includes Disney Executive Chairman(and former Disney CEO) Bob Iger as well as Netflix Chief Content Officer Ted Sarandos among many others.

Star Wars: Galaxy’s Edge During It’s Dedication Ceremony

The task force sent a letter to Congress last Friday addressed to House Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority Leader Mitch McConnell, and Senate Minority Leader Chuck Schumer. In it, they formally requested an additional $1 trillion in flexible economic relief to be distributed throughout all states.

Closed Lost and Found booth at Disneyland after the parks close due to Coronavirus

The task force says the additional funds could be used for essential resources to trace and prevent the spread of the virus and to assist operations like child services, job training, and small businesses.

Sleeping Beauty Castle

The House of Representatives passed a bill on Friday which included $1 trillion in funding for state and local governments. We’ll continue to follow this developing story and keep you informed of any updates.

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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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Walt Disney Company Management Changes – Josh D’Amaro Named Chairman, Disney Parks, Experiences and Products

Big news! There have been a few Walt Disney Company Management Changes announced today including the promotion of Josh D’Amaro president of the Walt Disney World Resort.

Bob Chapek, Chief Executive Officer of The Walt Disney Company (NYSE: DIS), today announced a new Disney Parks, Experiences and Products leadership team that will be led by Josh D’Amaro, who has been named Chairman, Disney Parks, Experiences and Products.

“I’m incredibly proud of the new leadership team at Parks, beginning with the segment’s Chairman, longtime Disney veteran Josh D’Amaro, and his newly announced team of Jeff Vahle, Ken Potrock, Kareem Daniel and Thomas Mazloum,” said Mr. Chapek. “These talented executives played pivotal roles while leading our exceptional cast members during the largest period of growth in the segment’s history, which included the expansion of our parks and resorts around the world, the addition of new attractions including two highly acclaimed Star Wars-themed lands, and a shift to more personalized experiences for guests. And I am confident that as they assume even greater responsibility and pursue new opportunities, these proven leaders will have an even bigger impact on the future of our company.” 

Mr. D’Amaro, who most recently served as President, Walt Disney World Resort, succeeds Mr. Chapek as Chairman, Parks, Experiences and Products. In his new role, Mr. D’Amaro will oversee Disney’s iconic travel and leisure businesses, which include six theme park-resort destinations in the United States, Europe and Asia; a top-rated cruise line; a popular vacation ownership program; and an award-winning guided family adventure business; and Disney’s global consumer products operations, which include the world’s leading licensing business across toys, apparel, home goods, digital games and apps; the world’s largest children’s print publisher; Disney store locations around the world; and the shopDisney e-commerce platform.

“I want to thank Bob for giving me this opportunity, and I look forward to following his record of driving innovation, value and growth at Parks,” Mr. D’Amaro said. “I am honored to be able to lead this newly announced team of exceptional senior leaders as we assume our new roles and continue to deliver unforgettable experiences for our guests. Even during this challenging time, the enthusiasm of our dedicated cast members for what we do is unwavering, and my goal is to bring them back to work as soon as possible so they can continue to create that magic.”

Before being named President of Walt Disney World Resort in 2019, Mr. D’Amaro was President of the Disneyland Resort. Mr. D’Amaro joined Disney in 1998 at the Disneyland Resort and held a number of leadership positions across the company. He served as Senior Vice President of Commercial Strategy for Walt Disney World Resort and also led the sites’ Resorts & Transportation Operations. He served as Vice President of Disney’s Animal Kingdom Theme Park as it underwent the largest expansion in its history. His other roles included Adventures by Disney; Sales and Travel Operations at Hong Kong Disneyland Resort; Finance for the Global Licensing division of Disney Consumer Products; and Business Planning and Strategy Development for the Disneyland Resort.

Mr. D’Amaro earned his bachelor’s degree in business administration from Georgetown University.

In conjunction with Mr. D’Amaro being named Chairman, the following key appointments have been made to the Disney Parks, Experiences and Products executive leadership team:

  • Jeff Vahle, formerly President, Disney Signature Experiences, has been named President, Walt Disney World Resort.
  • Ken Potrock, who had served as President, Consumer Products, becomes President, Disneyland Resort.
  • Kareem Daniel, formerly President, Walt Disney Imagineering Operations/Product Creation/Publishing/Games, has been named President, Consumer Products, Games and Publishing.
  • Thomas Mazloum, who was Senior Vice President of Resort and Transportation Operations at Walt Disney World Resort, becomes President, Disney Signature Experiences.

Continuing in roles as part of the executive leadership team for Disney Parks, Experiences and Products are:

  • Michael Colglazier, President & Managing Director, Disney Parks International
  • Jill Estorino, Executive Vice President, Marketing and Sales
  • Margaret Giacolone, Chief Counsel
  • Tami Garcia, Senior Vice President, Human Resources and Diversity and Inclusion
  • Alannah Hall-Smith, Senior Vice President, Communications and Public Affairs
  • George Kalogridis, President, Segment Development and Enrichment
  • Kevin Lansberry, Executive Vice President and Chief Financial Officer
  • Tilak Mandadi, Executive Vice President, Digital and Chief Technology Officer
  • Bob Weis, President, Walt Disney Imagineering

Jeff Vahle, President, Walt Disney World Resort

Succeeding Mr. D’Amaro as President, Walt Disney World Resort is Jeff Vahle, a 30-year cast member who most recently served as President, Disney Signature Experiences.  In his new role, Mr. Vahle leads a team of talented Cast Members —America’s largest single-site workforce—and will be responsible for all facets of business for the resort, including its four theme parks (Magic Kingdom, Animal Kingdom, Epcot and Disney Hollywood Studios) two water parks, 28 resort hotels, four golf courses, ESPN Wide World of Sports Complex, and the Disney Springs entertainment-shopping-dining complex.

“With Walt Disney World approaching its 50th anniversary, there could not be a more gratifying time to be selected for this role and to work with the incredible team responsible for creating magical memories for millions of guests each year,” said Mr. Vahle. “I plan to continue to build on the momentum from Josh’s tenure, bringing even more innovative entertainment and experiences to our guests.”

Mr. Vahle will continue to oversee Facilities & Operations Services for Disney theme parks worldwide, responsible for engineering, maintenance, construction, utilities, manufacturing, sourcing and procurement, safety and health, and asset management programs at the Disney resorts around the world.

In his previous role, Mr. Vahle led several key growth businesses for the Disney Parks, Experiences and Products segment and inspired teams around the world to deliver the Company’s unrivaled brand of family vacations. He oversaw Disney Cruise Line, Disney Vacation Club, Adventures by Disney, Golden Oak, and Aulani, a Disney Resort & Spa (collectively called Disney Signature Experiences).

Mr. Vahle began his Disney career in 1990 and is a respected senior executive who is committed to driving creativity and innovation, exceeding guest expectations and delivering long-term business growth. During his career with the Company, he has held a series of high-profile leadership roles in operations, engineering, technology and global support services.

At Disney Cruise Line, Mr. Vahle also oversaw the much-anticipated expansion of Disney’s cruise fleet, with the planned delivery of three new ships, all of them showcasing the immersive family entertainment, enchanting storytelling and unparalleled service for which Disney is well known.

In addition to his duties with these high-growth vacation businesses, Mr. Vahle is actively involved in the Central Florida community, currently serving as chairman of the board of directors for Give Kids the World and as a member of the Rollins College Board of Trustees.

Mr. Vahle earned a bachelor’s degree in mechanical engineering from Auburn University and a master’s degree in business administration from Rollins College.

Ken Potrock, President, Disneyland Resort

Ken Potrock, formerly President, Consumer Products and with nearly 25 years at the Company takes the helm at the Disneyland Resort, as President, Disneyland Resort, overseeing two theme parks (Disneyland and Disney California Adventure), three resort hotels and a 20-acre entertainment, retail and shopping district. Mr. Potrock succeeds Rebecca Campbell, who was named Chairman, Direct-to-Consumer and International, for The Walt Disney Company (see press release from The Walt Disney Company for more information).

“I’m grateful for the opportunity to join the remarkable team at Walt Disney’s original park,” said Mr. Potrock. “This Resort holds a special place in the hearts of our Guests around the world – a responsibility that we all take very seriously, and we will continue to build on that foundation by delivering unforgettable experiences while creating memories that last a lifetime.”

Mr. Potrock joins the Disneyland Resort after more than two decades of leadership experience at Disney Parks. Throughout his career, he has consistently challenged the status quo – enabling a holistic entrepreneurial culture that ensures the unparalleled “Disney Difference” is delivered each day to Guests, consumers and fans.

Mr. Potrock is also well-known for developing, invigorating and transforming numerous Disney properties and businesses to deliver consistent and dynamic growth. Previously he served as the Senior Vice President and General Manager of Disney Vacation Club, the Company’s innovative and fast-growing vacation ownership program, as well as Adventures by Disney, the Company’s award-winning guided group travel business.

In 2015, Mr. Potrock led the dramatic expansion and reimagining of Disney Springs, Walt Disney World’s iconic retail, dining and entertainment district. He was Senior Vice President of Disney Sports Enterprises, where he led the transformative rebranding of the ESPN Wide World of Sports Complex in Florida. Mr. Potrock began his Disney career in 1996 as Vice President, Marketing for Disney Cruise Line, where he helped define and launch the Company’s bold entry into the cruise industry.

Mr. Potrock earned his undergraduate degree in marketing from Washington University in St. Louis and his MBA from the Kellogg School of Management at Northwestern University.

Kareem Daniel, President, Consumer Products, Games and Publishing

Kareem Daniel, formerly President, Walt Disney Imagineering Business Operations, Product Creation, Publishing and Games, will take on the role of President, Consumer Products, Games and Publishing, leading the division responsible for extending the Disney brand through at-home experiences in products, publishing and games.

“Uniting the businesses responsible for bringing the magic of Disney into the daily lives of families and fans around the world will allow us to seamlessly extend the stories and characters consumers love across different platforms,” said Mr. Daniel. “I look forward to working with this team to bring Disney franchises to audiences around the world in new and innovative ways.”

Most recently, Mr. Daniel oversaw global design and delivery of all parks, attractions, resort hotels, and cruise ships, managing world-class talent to provide immersive guest experiences with operational excellence. He also led the product development of merchandise including toys, fashion apparel and accessories, home goods, consumables, and health and beauty categories; the creation of video games and interactive products and experiences; and Disney Publishing Worldwide, the world’s largest publisher of children’s books and magazines.

Previously, Mr. Daniel served as Senior Vice President of Strategy and Business Development for Disney Consumer Products and Interactive Media, where he spearheaded key strategic initiatives to drive long-term growth across the division’s retail, licensing, publishing, video games, and digital businesses.

Mr. Daniel also oversaw distribution strategy at Walt Disney Studios, helping to maximize the value of studio content by evaluating traditional business models and emerging digital innovations. Prior to that he was a Director of Corporate Strategy, where he worked on a variety of strategic projects and mergers and acquisitions across The Walt Disney Company.

Mr. Daniel first joined Disney as an MBA intern and later became a senior business planner in Corporate Financial Planning and Analysis. After that, he worked in equity research as well as investment banking at Goldman Sachs, where he specialized in technology, media and entertainment, and telecommunications before returning to Disney.

Mr. Daniel holds a Bachelor of Science degree in Electrical Engineering and an MBA, both from Stanford University.

Thomas Mazloum, President, Disney Signature Experiences

Thomas Mazloum, formerly Senior Vice President of Resort and Transportation Operations at Walt Disney World Resort, becomes President, Disney Signature Experiences, which includes Disney Cruise Line, Disney Vacation Club and Adventures by Disney.

“I am thrilled to continue my Disney career by joining the businesses renowned for providing personalized and uniquely Disney experiences and delivering world-class guest service,” said Mr. Mazloum. “I cannot wait to bring even more magic to guests on the seas and at our remarkable destinations around the world.”

A veteran of Walt Disney Parks and Resorts, Mr. Mazloum previously oversaw 28 resort hotels as well as transportation operations that rival mid-sized American cities, at the world’s premier vacation destination, Walt Disney World Resort.

Mr. Mazloum began his Disney career in 1998 as a hotel director for Disney Cruise Line. He was instrumental in launching the Disney Wonder, the second ship in the Disney Cruise Line fleet, while directing a cast and crew of nearly 700 individuals, representing 52 countries around the world. He then went on to serve as the general manager of Food & Beverage & Special Events at Epcot, where he supervised the park’s diverse restaurant operations and pursued collaborative business opportunities.

Before returning to Disney in 2017, Mr. Mazloum served as the Chief Operating Officer of Crystal Cruise Line.

Born in Austria, Mr. Mazloum received his degree in hotel management and administration in Innsbruck. A life-long learner, Mr. Mazloum has also received several business certifications from such institutions as Cornell University, the Hotel School of Lausanne and the Hotel School of Salzburg.

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