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Photo: Jesse Grant/Getty Images for Disney

Kevin Mayer, a Disney veteran who oversaw the company's streaming unit and the launch of Disney+, is leaving the company after 27 years to become the CEO of TikTok, Disney announced Monday.

Why it matters: Mayer will take over as head of TikTok at a pivotal time for the Chinese-owned social networking company. Owned by ByteDance, one of the fastest-growing Chinese tech giants, TikTok has become a formidable social media company over the past year, accruing hundreds of millions of users worldwide.

  • The company's biggest threat to date is regulatory scrutiny, particularly around the way it stores and uses user data.
  • In his new role, Mayer will also serve as COO of ByteDance, where he will oversee global development and corporate functions of the company like sales, marketing and public affairs.

The big picture: Disney stunned the business community in February by naming Disney Parks and Resorts chief Bob Chapek as CEO of the company, replacing longtime CEO Bob Iger. It was unclear at the time what would become of Mayer, who was long considered a favorite of Iger's, after the transition.

Details: In a statement out Monday, Disney says that Rebecca Campbell, a Disney veteran who most recently served as president of Disneyland Resort, has been named chairman of Disney's direct-to-consumer and international division, replacing Mayer.

  • The company also announced that Josh D’Amaro, formerly the president of Walt Disney World Resort, has also been named chairman of Disney Parks, Experiences and Products, replacing Chapek.
  • Both leaders will report to Chapek.

This story is breaking news. Please check back for updates.

Go deeper

Ina Fried, author of Login
Aug 24, 2020 - Technology

The battle over TikTok heads to court

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

TikTok is expected to sue the Trump administration Monday over its move to ban the app, in what's likely to be an explosive and closely watched court battle.

Why it matters: The Trump administration has given ByteDance, TikTok's Chinese parent company, a deadline to divest its U.S. operations or else see its massively popular social video app banned.

54 mins ago - Politics & Policy

First look: The LCV's $4M ad buy

A screenshot from a new League of Conservation Voters ad supporting Rep. Stephanie Murphy.

The League of Conservation Voters and Climate Power are aiming another $4 million worth of ads at centrist House Democrats, urging them to support the climate provisions in President Biden’s $3.5 trillion budget reconciliation package, Axios has learned.

Why it matters: Progressive groups are trying to counter the onslaught of conservative money pouring into swing districts. Both sides are trying to define Biden’s Build Back Better Agenda and pressure lawmakers to support — or oppose — the legislation scheduled for a vote in the House this week.

54 mins ago - Politics & Policy

Shutdown Plan B

Illustration: Sarah Grillo/Axios

The Senate will hold a futile vote Monday night — just 72 hours before a potential shutdown — on a House-passed bill to fund the government through Dec. 3 and raise the debt limit.

Why it matters: The bill is going to fail. Period. But then comes Plan B: A "clean" continuing resolution — stripped of language about raising the debt limit — that Democrats spent the past week preparing, Axios is told.