Bob Iger says Disney hiring freeze will stay in place as he returns as CEO

New York
CNN Business
 — 

Bob Iger told Disney employees on Monday that the hiring freeze would remain in place at the company as he returns to his role as CEO.

Iger — who stunned the media world when he said last week he would once again become Disney’s top executive — informed employees during a town hall meeting at the company’s Burbank, California headquarters Monday. It was Iger’s first day back on the Walt Disney Studio lot.

The hiring freeze was announced earlier this month by his predecessor, Bob Chapek. Iger replaced Chapek, who had a short but tumultuous tenure as the head of Disney.

Iger said it is the “wise thing to do” to keep the freeze in place given the challenges facing the company. He also mentioned that the duration the hiring halt will be a factor as he addresses Disney’s overall “cost structure.”

The announcement of Iger’s return comes at a time of great difficulty and scrutiny for Disney, which faces challenges across its media empire. Its share price has been sluggish and although its streaming business is growing, it is losing billions of dollars.

Earlier on Monday, Iger tweeted a photo of Disney’s headquarters and said, “filled with gratitude and excitement to be back.”

Iger didn’t waste any time putting his mark on the company.

Soon after he was announced as CEO, Iger reorganized Disney’s content distribution structure and said that Kareem Daniel, the chairman of Disney’s Media and Entertainment Distribution unit, would leave the company.