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TikTok Hires Disney+ Chief Kevin Mayer as New CEO

Kevin Mayer is the new CEO of TikTok after heading Disney's direct-to-consumer and international segment. He resigned on Monday to join the hot social app.
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A top Disney executive in charge of its successful streaming efforts resigned and will take the reins at social app TikTok. 

Kevin Mayer, who led Disney's direct-to-consumer (DTC) and international segment, announced his departure from Disney on Monday afternoon. Disney  (DIS)  shares rose more than 7% to $116.85 on a strong day for the market on Monday, but were down slightly in after-hours trading.

In a press release, Disney said that Rebecca Campbell, a Disney veteran who previously was president of Disneyland Resort, will take over Mayer's post. Josh D’Amaro was also named chairman of Disney Parks, Experiences and Products, a post formerly held by Disney's CEO Bob Chapek.

In addition to his role as TikTok CEO, Mayer will serve as COO of ByteDance, TikTok's parent company. 

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“Our company is very fortunate to have a deep bench of talent and we’re extremely pleased to welcome these two exceptionally qualified Disney veterans to our senior management team,” said Chapek in a statement. 

As head of Disney's DTC and international business, Mayer oversaw the launches of ESPN+, Disney+ and the integration of Hulu. The three services were restructured under one business unit starting in 2018. 

Disney's 2019 launch of Disney+ is viewed as a strong success thus far. The company reported 54.5 million paying subscribers as of May 5. Disney is targeting between 60 million and 90 million paid subscribers by 2024.

Social app TikTok, which centers around short-form, musically-inspired videos, has become a viral hit over the past year. Capping off a meteoric rise last year, TikTok was the most-downloaded app worldwide in Q1 this year according to App Annie.  

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