Disney Abruptly Fires Veteran Content Executive - All You Need To Know

Walt Disney Company DIS named Dana Walden as Chairman, Disney General Entertainment Content, effective immediately.

Walden will lead Disney's general entertainment content engine, creating original entertainment and news programming for Disney's streaming platforms and cable and broadcast networks.

Walden previously served as Chairman, Entertainment, Walt Disney Television, and succeeded Peter Rice, who is leaving the company. 

Disney abruptly fired Rice, its senior television content executive, citing an ill fit with Disney's corporate culture, the New York Times reported. Disney CEO Bob Chapek ousted Rice during a brief meeting on June 8.

Disney General Entertainment Content has churned out 300 shows annually for platforms like ABC, Disney Channel, Disney+, Hulu, and FX.

Rice most recently renewed his contract at Disney in August until the end of 2024. Disney paid him out. Many saw Rice as the successor of Chapek.

Rice became a part of Disney in 2017 after three decades of experience in 20th Century Fox. He joined Disney along with Walden after 20th Century Fox owner Rupert Murdoch sold most of the company to Disney in a deal worth $52 billion in 2017.

In April, Chapek fired the most senior communications and government relations executive, Geoff Morrell, who had joined Disney in January. The exits coincided with Disney's plunging stock price amid industrywide concerns about the profitability of streaming services.

Price Action: DIS shares traded lower by 1.9% at $105.30 on the last check Thursday.

Photo by Anthony Quintano via Flickr