Walt Disney Co. is changing some of the leadership at its troubled movie division, replacing an executive who oversaw a string of failures with the head of Searchlight Pictures, the art-house film unit behind critical successes such as Poor Things.
Sean Bailey, Disney’s longtime president of film production, will be replaced by David Greenbaum, the company announced Monday in a statement.
David Greenbaum will become president of Disney Live Action and 20th Century Studios
Greenbaum will become president of Disney Live Action and 20th Century Studios, the company announced on Monday. This puts him in charge of some of Disney’s most popular franchises, such as Avatar and Planet of the Apes.
Disney’s film business, which has long dominated Hollywood, has recently struggled. The most recent superhero film, The Marvels, earned only $206 million in global ticket sales, a fraction of what successful comic-book films typically generate. After several years at the top of the global box office, Disney will be surpassed by Universal Pictures of Comcast Corp. in 2023.
Greenbaum has served as Searchlight’s co-president alongside Matthew Greenfield, who will continue in that role on his own. Poor Things, a Searchlight release, is nominated for best picture at the Oscars next month, trailing previous winners The Shape of Water and Nomadland. Both executives will continue to report to Disney Entertainment’s Co-Chairman, Alan Bergman.
Greenbaum has worked at Miramax on films such as No Country for Old Men
Prior to joining Searchlight, Greenbaum worked at Miramax on films such as No Country for Old Men and There Will Be Blood.
Bailey, who had been in the role since 2010, is best known for remaking Disney animated classics such as Beauty and the Beast and Aladdin with live actors. While some were successful—Beauty and the Beast grossed $1.27 billion worldwide—others, such as last year’s The Little Mermaid, did not perform as well.
“The time is right for a new chapter,” Bailey said in the statement.
The executive considered other film executive positions. He will work as a producer on Disney’s Tron: Ares, among other projects, the company announced.
Burbank, California-based Disney is embroiled in a battle with shareholder activists, including Nelson Peltz’s Trian Fund Management, which owns approximately $3.6 billion in stock and is seeking two seats on the company’s board at the April 3 shareholder meeting.
Under CEO Bob Iger, who returned to lead Disney in November 2022, the company has been cutting costs and reshaping its entertainment operations around Disney-led online video businesses.
Disney shares were little changed at $107.84 in extended trading. The stock is up 19% this year.