Walt Disney Co. on Friday said it would largely disband its strategic planning division, and Peter Murphy, its merger and acquisition architect for years, would step down from his current role to become a senior advisor to CEO-elect Robert Iger.
The move is the first major change in the running of the media company since President and Chief Operating Officer Iger was named earlier this month to succeed Chief Executive Michael Eisner. Eisner will step down at the end of September, but Iger is already sharing CEO duties.
Disney said it would shift many of the planning duties to the theme parks, media networks, movie studio and consumer products units, keeping a smaller strategic team.
"This new structure will create efficiency with accountability and empower our business unit leaders," Iger said in a statement.
Strategic planning has been an important division for more than a decade at Disney, guiding acquisition strategy and producing senior executives, such as Chief Financial Officer Tom Staggs, who began in the unit.
Murphy, 42, who was key to Disney's acquisition of the ABC network, will step down as chief strategic officer and senior executive vice president as he switches to the advisory role.
"Peter's vast contributions during his tenure at Disney, particularly his leadership role in the acquisition of Capital Cities/ABC, helped transform Disney into a market-leading global media company," Iger said. "His extensive experience and knowledge of our businesses, technology and strategy will continue to benefit The Walt Disney Company."
