Interesting quandary: If one has been working for Disney and adhering to the code, how does one now grow a beard? There's no way to from clean-shaven to a neatly grown beard overnight. You pretty much have to look like a slob for a little while as it comes in.
I guess you could take a beard-cation and grow one...
Anyway, I think it's a reasonable change. Never understood the no-facial-hair policy to begin with -- you can look like a slob with or without a beard or mustache... and you can look neat and presentable with or without a beard or mustache.