- Written by Mariko Oi
- business reporter
image source, Getty Images
Sean Bailey’s billion dollar blockbusters included The Lion King, Beauty and the Beast, and Aladdin.
Disney is shaking up the live-action film studio’s leadership as boss Bob Iger looks to turn around the entertainment giant’s fortunes.
The move means the president of the film production company, Sean Bailey, will step down after a decade and a half in the role.
He will be succeeded by David Greenbaum, head of Disney Searchlight Pictures.
This follows recent box office disappointments such as “The Haunted Mansion” and “Jungle Cruise.”
Disney said Bailey will remain with the company as a producer on the upcoming sci-fi film Tron: Ares and other projects.
During his tenure, Mr. Bailey oversaw the live-action adaptations of “Alice’s Adventures in Wonderland,” “Maleficent,” and “The Jungle Book.”
His blockbuster films also included The Lion King, Beauty and the Beast, and Aladdin.
Together, his films have generated an estimated global box office revenue of $7bn (£5.5bn) for the media giant.
But last year, he was also responsible for “The Little Mermaid,” which failed to meet the success of his other films.
“Sean has been a highly valued member of our studio’s creative team for more than a decade,” said Alan Bergman, co-chairman of Disney Entertainment.
“He and his team have delighted fans around the world and brought iconic stories and moments to the screen that will stand the test of time.”
Mr. Greenbaum has been appointed to the newly created role of president of Disney Live Action and 20th Century Studios.
He worked on the film “Poor Things,” which was nominated for 11 Oscars this year, including Best Picture.
Disney is under pressure from activist investor Nelson Peltz, who wants to restructure the company.
The US billionaire wants Disney to not only improve the box office performance of its films, but also increase profits from its streaming business.
Mr. Peltz has repeatedly requested a seat on Disney’s board of directors. The company sent a letter to shareholders on Monday asking them not to support him as director.
The plan includes streaming an exclusive version of Taylor Swift’s Ellas Tour concert film on Disney+.
The company will also invest $1.5bn (£1.2bn) in Epic Games, the maker of the hugely popular video game Fortnite.
Together, the three major U.S. media companies own rights to a wide range of sports, including the FIFA World Cup, Formula 1, the National Football League, the National Basketball Association, and Major League Baseball.
He was recalled as the company’s stock price plummeted and Disney+ continued to lose money.
