Bob Chapek will now be responsible for Disney’s park and resorts business as well as the company’s consumer products business.

GLOBAL–The Walt Disney Company has announced a strategic reorganization to its business model, effective immediately.

The world’s No. 1 licensor will now operate across four segments–the newly formed direct-to-Consumer and International; the combined Parks, Experiences and Consumer Products; Media Networks; and Studio Entertainment.

Furthermore, the corporate restructuring has initiated a number of executive moves. Bob Chapek, chairman, Walt Disney Parks and Resorts, will now take on the role of chairman of the new Parks, Experiences and Consumer Products business segment. In his new role, he will take on additional responsibility for all of Disney’s consumer products operations globally, including licensing and Disney stores.

Additionally, the new segment will house Disney stories, characters and franchises, and the company's existing consumer products operations will be merged with Walt Disney Parks and Resorts under Chapek. By uniting the two sectors, the company seeks to share resources to provide consumers with branded products and retail experiences inspired by their portfolio of licensing business across toys, apparel, home goods and digital games and apps

Chapek has served as chairman of Walt Disney Parks and Resorts since 2015, where he oversaw the company’s travel and leisure businesses, Prior to that, he was president of Disney Consumer Products, where he developed a brand- and franchise-driven strategy while launching new consumer products and with a focus on technological innovation and creativity

Meanwhile, Kevin Mayer, who has served as Disney’s chief strategy officer since 2015, will now serve as chairman of the new Direct-to-Consumer and International business segment, which will operate as a global platform for media, technology and distribution of Disney content produced by Disney’s Studio Entertainment and Media Network Groups.

The Media Networks group will be co-chaired by Ben Sherwood, president, Disney/ABC Television Group and James Pitaro, who was recently named president of ESPN. International Disney Channel operations will move to the Direct-to-Consumer and International business. Finally, the Studio Entertainment business segment will be led by Alan Horn, chairman, The Walt Disney Studios, and will remain virtually the same.

 “We are strategically positioning our businesses for the future, creating a more effective, global framework to serve consumers worldwide, increase growth, and maximize shareholder value,” says Bob Iger, chairman and chief executive officer, The Walt Disney Company. “With our unparalleled Studio and Media Networks serving as content engines for the company, we are combining the management of our direct-to-consumer distribution platforms, technology and international operations to deliver the entertainment and sports content consumers around the world want most, with more choice, personalization and convenience than ever before.

“In addition, we are merging our Consumer Products and Parks operations under one segment, combining strategy and resources to produce even more compelling products and experiences that bring our stories and characters to life for consumers,” continues Iger.