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Rich Ross named chairman of Walt Disney Studios
By Germaine Lombardo for CEOWORLD Magazine Updated:October 6, 2009
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Rich Ross was named chairman of The Walt Disney Studios Monday, filling the void left open by Dick Cook, resigned under pressure on Sept. 18.
Rich Ross, president of Disney Channels Worldwide, will immediately take over as chairman of Walt Disney Studios.
The announcement puts Ross in charge of worldwide production, distribution, and marketing for all of the entertainment giant’s film labels, including Walt Disney, Touchstone, Miramax and Pixar. Ross, who turns 48 on Wednesday, also will head Disney’s theatrical and musical groups.
Disney’s studio revenue has fallen in each of the last five quarters, sinking from $1.82 billion in the March quarter of 2008 to $1.26 billion in the quarter ended in June this year. The studio also posted a $12 million operating loss in the June quarter, down from a $97 million operating profit last year.
After blaming a consistent decline in the sales of DVDs, in May CEO Robert Iger called the studio out for having a weak slate. Among its recent misses have been the high-priced “G-Force” and “Race to Witch Mountain.”
The company has restructured its studio business significantly this year.
On Friday, Disney said it was trimming the annual production of its Miramax label to about three films from six to eight, while cutting 50 jobs and leaving 20 to staff the unit, mainly in New York.
Disney agreed in February to distribute about six live-action films from Steven Spielberg’s DreamWorks SKG production company for five years beginning in 2010.
In August, Disney said it would buy “Iron Man” maker Marvel Entertainment Inc. for $4 billion, giving it a pipeline of some 5,000 comic book characters to make movies about in the future. Marvel CEO Ike Perlmutter will continue to oversee the Marvel properties, AP reported.
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