Disney Chairman Steps Down

The chairman of Walt Disney Studios, Dick Cook, resigned from the company on Friday. Cook said in a statement that he has been contemplating this move for quite some time now, and that he would be moving on to "new adventures."

The Associated Press (AP) reported that Cook started at The Walt Disney Company, 38 years ago in 1971 as a theme park monorail driver. As he moved up the ranks, he became President of Buena Vista Pictures distribution in 1988. He became chairman of the studio in 2002.

The New York Times reported that Cook's resignation is due to the company's struggles with profitability, creative focus, and a shifting relationship with other Disney units.

The AP also credited his resignation to the intense scrutiny he has been under recently for the quality of the company's films. Movies such as "Confessions of a Shopaholic," "Bedtime Stories" and "G-Force" all were box office disappointments. In addition, the New York Times reported that the studio lost $12 million dollars in the most recent quarter.

Cook's departure left many in shock. "I'm completely shocked — as is literally everybody I've spoken to," said Scott Rudin, whose production company has a first-look deal with Disney. "I've collaborated with him on so many movies … and have only ever adored him as a friend and as a boss. Dick has single-handedly made possible some of the very best things that have happened to me in my career."

The New York Times reported that no successor has been chosen yet. Robert A. Iger, Disney's president and chief executive officer, met with Wal-Mart executives on Friday however. He is expected to name a successor shortly, possibly from the company's ranks.

"We thank Dick for his tremendous passion for Disney, and his many accomplishments and contributions to The Walt Disney Studios, including a very promising upcoming film slate," Iger said in a statement. "On behalf of everyone at Disney, we wish him the best with all the future has to offer."