Amid a consolidation of Disney's direct-to-consumer businesses, the CEO of Hulu is stepping down.
Randy Freer, who has led Hulu since 2017, will leave the top post at the streaming service in a matter of weeks, the company said in a statement on Friday. The changes are part of a reorganization of Disney's main streaming platforms, which include Disney+, ESPN+ and Hulu, under one centralized division.
"Further integrating the immensely talented Hulu team into our organization will allow us to more effectively and efficiently deploy resources, rapidly grow our presence outside the U.S. and continue to relentlessly innovate.” said Kevin Mayer, head of Disney's direct-to-consumer and international segments, in a press release.
Disney took full control of Hulu in May 2019 after buying out Comcast's (CMCSA) - Get Comcast Corporation Class A Report stake. It also launched Disney+ in last November, and offers Hulu, Disney+ and ESPN+ as a bundle.
Mayer will oversee the business operations of all three platforms.
Shares of Disney closed 0.36% higher on Friday to $138.31.