Disney's streaming chief to exit under company revamp

LOS ANGELES (Reuters) - Michael Paull, the head of Walt Disney Co's streaming entertainment unit, is leaving the company after six years under an ongoing restructuring by Chief Executive Bob Iger, a Disney statement said on Wednesday.

Joe Earley, the current president of Hulu, will take over as president of streaming for Disney Entertainment, the company said. Earley will remain president of Hulu until a successor is named.

Iger is restructuring Disney and promised to cut $5.5 billion in costs to make the company's streaming business profitable.

Paull was appointed to run the streaming unit in January 2022 under former Chief Executive Bob Chapek. He is the former CEO of BamTech, a company Disney acquired to power its streaming ambitions.

Earley is a former Fox executive who joined Disney in 2019 and helped launch Disney+, the company's flagship streaming service.

In the new role, Earley will work to expand streaming efforts across Disney+ and Hulu, the company said.

(Reporting by Lisa Richwine; editing by Jonathan Oatis)