Andy Mooney has resigned his post as chairman of Disney Consumer Products, the company announced Tuesday.
Disney's licensing division dwarfs all other entertainment-company consumer products divisions, generating $28.6 billion in revenue in 2010, according to License! Global magazine.
Mooney has led the unit for a dozen years, signing on as president in 1999 and getting promoted to chairman in 2003.
And the unit has beeh white-hot of late, generating $2.4 billion off of "Toy Story 3"-based toys and other licensed products in 2010 — nearly two and a half times what the movie made at the global box office.
Here's the full press release:
ANDY MOONEY RESIGNS AS CHAIRMAN OF DISNEY CONSUMER PRODUCTS
BURBANK, Calif. — After leading Disney Consumer Products for close to 12 years, Andrew P. Mooney, has decided to resign from his post. Mr. Mooney joined the company in December 1999 as president of DCP and was promoted to Chairman in May 2003.
“The contributions that Andy has made to Disney have been enormous,” said Robert A. Iger, President and CEO of The Walt Disney Company. “Not only has he consistently delivered business results year after year, but his focus on the Disney brand and the creation of new franchises like Disney Princess will leave a legacy for decades. I wish him nothing but best wishes and am confident that he will continue to contribute greatly to the creative and business worlds.”
Below is an email Mr. Mooney sent to DCP employees earlier today:
It’s never easy to leave a place you love, but today I informed Bob Iger that I’ve made the difficult decision to resign as Chairman of Disney Consumer Products. After 30 years contributing to the success of two of the world’s most valuable brands in Disney and Nike, I believe this is the perfect time to take that experience into a leadership role with another organization and corporate boards.
It has been a tremendous honor to have worked for a company like Disney for more than 11 years and for a leader like Bob. But what I will miss the most and what I will always treasure is the experience to have worked with such a talented group of people at DCP.
Together, we have radically changed the licensing business, created new brands and franchises like Disney Princess and Disney Fairies, creatively re-energized the Disney Store chain and launched new businesses like Disney English. All of this has resulted in year upon year growth and doubling of our creative output.
I’m proud and grateful to have had the honor of calling each one of you a colleague and am confident that DCP is well-positioned to continue this momentum for many years.
I thank Bob for his understanding in my desire to pursue other ambitions as well as his guidance and friendship over the last 11 years.
# # #