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UPDATE 3-Disney's consumer products chief resigns
September 6, 2011 / 5:50 PM / 6 years ago

UPDATE 3-Disney's consumer products chief resigns

* Andrew Mooney says wants to pursue other ambitions

* Consumer products accounts for 6 pct of revenue

* Disney shares down 2.2 pct (Adds comments on Mooney’s departure, updates shares)

By Lisa Richwine

LOS ANGELES, Sept 6 (Reuters) - Walt Disney Co’s (DIS.N) consumer products chief resigned on Tuesday to pursue other leadership roles, after running the unit for nearly 12 years.

Andrew Mooney, known for creating the popular Disney Princess franchise, “has decided to resign from his post,” Disney said in a statement. A replacement has not been named.

In an email to employees that was released by Disney, Mooney thanked Disney Chief Executive Bob Iger “for his understanding in my desire to pursue other ambitions.”

Mooney, 55, said it was the “perfect time” to take his experience at Disney and, before that, at shoe and apparel maker Nike (NKE.N) “into a leadership role with another organization and corporate boards.”

A source familiar with the matter said Mooney had reached the point where he wanted to run his own company and to consider offers to serve on corporate boards. Disney forbids its executives from sitting on other companies’ boards.

Revenue at Consumer Products, the second fastest growing Disney segment, climbed 13 percent to $685 million in the quarter ended July 2, accounting for just above 6 percent of the theme park operator and media company’s total revenue that quarter.

Miller Tabak analyst David Joyce said Mooney may already have fielded CEO offers from other companies after a solid record at Disney.

“He’s done a good job there. The consumer products division is integral to the overall brand and character development at Disney,” Joyce said.

A native of Scotland, Mooney created the Disney Princess franchise, bringing Disney’s Snow White, Cinderella and other princesses under one umbrella.

He also oversaw the merchandising of characters from popular films such as “Toy Story” and “Cars” and revamped the retail Disney Stores. He will stay at Disney through the end of the month, which marks the end of Disney’s fiscal year.

“Not only has he consistently delivered business results year after year, but his focus on the Disney brand and the creation of new franchises like Disney Princess will leave a legacy for decades,” Iger said in a statement.

Before joining Disney, Mooney spent 20 years at Nike, rising to chief marketing officer.

Shares of Disney were trading 2.2 percent lower at $31.75 in late afternoon trading on the New York Stock Exchange, a steeper drop than the 1.3 percent decline in the Standard & Poor’s media index. .GSPME (Reporting by Lisa Richwine; Editing by Steve Orlofsky, Gary Hill)

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