Disney's head of media out as Iger returns

A-EFE/JUSTIN LANE

Bob Iger, the newly reinstated chief executive officer of the Walt Disney Company, announced on Tuesday that the Chairman of the Media and Entertainment Distribution Kareem Daniel will be leaving the media giant.

In a memo to employees, Iger (pictured) stressed the importance of building a new structure that would give back decision-making powers to creative teams and rationalize costs. "This will necessitate a reorganization of Disney Media & Entertainment Distribution. As a result, Kareem Daniel will be leaving the company," the CEO wrote, according to CNBC.

Disney's shares closed over 6% higher following confirmation that Iger will be replacing Bob Chapek, reclaiming the position he held for 15 years.

Baha Breaking News (BBN) / MX