Disney ( DIS) will restructure its studio operations globally, cutting 650 jobs on the heels of one of the most financially successful film debuts of all time. The Burbank, Calif.-based company announced a "strategic shift toward more Disney branded movies" at its Walt Disney Studios. Disney says it will now produce and distribute some 10 Disney live-action and animated pictures a year plus two to three films under its Touchstone banner. Business units are being reorganized under two global organizations: Buena Vista Worldwide Marketing and Distribution, and Buena Vista Worldwide Home Entertainment. "The consolidation of global marketing and distribution is extremely important as we continue to adapt to the vastly changing world," said Walt Disney Studios Chairman Dick Cook. The news comes with a management shakeup as well. Cook has tapped Oren Aviv as president of production at the studio, where the executive will oversee live-action development and film production for the studios. Nina Jacobson, president of Walt Disney Motion Pictures Group, departs. Disney has enjoyed renewed success at the box office of late, after a long fallow period. The Chronicles of Narnia, animated feature Cars and now Pirates of the Caribbean: Dead Man's Chest have given Disney studios undeniable momentum. Overall, Disney shares continue to perform well this year, having risen over 20%. Most analysts remain bullish on prospects looking forward. Walt Disney Feature Animation, Pixar Studios and Miramax Films aren't affected. Disney shares rose 22 cents to $29.32 on Wednesday.