Disney Promotes Cook to Head Its Namesake Film Studio
Burbank, California, Feb. 15 (Bloomberg) -- Walt Disney Co.,
which slipped to second place at the movie box office last year
for the first time since 1995, promoted Richard Cook to head its
namesake film studio, filling a position vacant since June.
Cook, 51 years old, will oversee production for Walt Disney,
Touchstone and Hollywood Pictures studios, the company said in a
statement. Cook replaces Walt Disney Studios Chairman Peter
Schneider, who quit about eight months ago.
A Disney veteran who began as a ride operator at the
Disneyland theme park in 1970, Cook will need to generate more
hits. Disney last year lost its title as top movie producer in
terms of revenue to rival AOL Time Warner Inc. as films such as
``Pearl Harbor'' failed to meet expectations. Disney also has had
fewer animated movie successes, a genre it used to dominate.
``The biggest challenge at the studio right now is regaining
leadership in animation,'' said Lowell Singer, a Robertson
Stephens analyst, who rates Disney shares a ``buy.'' ``Disney
hasn't really had a blow-out animated film since `Tarzan' in
1999.''
Disney released fewer children's animated movies in 2001 than
previous years. Its biggest success last year, ``Monsters, Inc.''
was co-produced by Disney with partner Pixar Animation Studios.
Report to Eisner, Iger
Cook, in addition to heading production for the studio, will
oversee worldwide distribution and marketing for live-action and
feature animated films, worldwide home entertainment operations
and the studio's legal and business affairs, the company said.
He will report to Disney Chief Executive Michael Eisner and
President Robert Iger.
Thomas Schumacher, head of Disney's animation group, will
continue to work with Eisner and Vice Chairman Roy Disney on
creative development for the company's animated projects.
Shares of Disney fell 24 cents to $24 in midday trading. The
stock had fallen 25 percent in the past 12 months.
So far this year, Disney films such as ``Snow Dogs'' have
been popular at the box office. ``Snow Dogs'' had grossed $59.9
million in four weeks through Monday. The company had the most
Academy Award nominations with 24.
Cook's appointment ends months of speculation that Eisner
might hire someone from another company. Cook, chairman of Walt
Disney Motion Pictures Group for six years, oversaw domestic and
international theatrical marketing and distribution. He had
reported to Schneider.
The Los Angeles Times reported Cook's appointment earlier
today.
Burbank, California, Feb. 15 (Bloomberg) -- Walt Disney Co.,
which slipped to second place at the movie box office last year
for the first time since 1995, promoted Richard Cook to head its
namesake film studio, filling a position vacant since June.
Cook, 51 years old, will oversee production for Walt Disney,
Touchstone and Hollywood Pictures studios, the company said in a
statement. Cook replaces Walt Disney Studios Chairman Peter
Schneider, who quit about eight months ago.
A Disney veteran who began as a ride operator at the
Disneyland theme park in 1970, Cook will need to generate more
hits. Disney last year lost its title as top movie producer in
terms of revenue to rival AOL Time Warner Inc. as films such as
``Pearl Harbor'' failed to meet expectations. Disney also has had
fewer animated movie successes, a genre it used to dominate.
``The biggest challenge at the studio right now is regaining
leadership in animation,'' said Lowell Singer, a Robertson
Stephens analyst, who rates Disney shares a ``buy.'' ``Disney
hasn't really had a blow-out animated film since `Tarzan' in
1999.''
Disney released fewer children's animated movies in 2001 than
previous years. Its biggest success last year, ``Monsters, Inc.''
was co-produced by Disney with partner Pixar Animation Studios.
Report to Eisner, Iger
Cook, in addition to heading production for the studio, will
oversee worldwide distribution and marketing for live-action and
feature animated films, worldwide home entertainment operations
and the studio's legal and business affairs, the company said.
He will report to Disney Chief Executive Michael Eisner and
President Robert Iger.
Thomas Schumacher, head of Disney's animation group, will
continue to work with Eisner and Vice Chairman Roy Disney on
creative development for the company's animated projects.
Shares of Disney fell 24 cents to $24 in midday trading. The
stock had fallen 25 percent in the past 12 months.
So far this year, Disney films such as ``Snow Dogs'' have
been popular at the box office. ``Snow Dogs'' had grossed $59.9
million in four weeks through Monday. The company had the most
Academy Award nominations with 24.
Cook's appointment ends months of speculation that Eisner
might hire someone from another company. Cook, chairman of Walt
Disney Motion Pictures Group for six years, oversaw domestic and
international theatrical marketing and distribution. He had
reported to Schneider.
The Los Angeles Times reported Cook's appointment earlier
today.
