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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.

3 hours ago - Health

FDA advisory panel recommends Pfizer boosters for those 65 and older

A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at the Key Biscayne Community Center on Aug. 24, 2021. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

A key Food and Drug Administration advisory panel on Friday overwhelmingly voted against recommending Pfizer vaccine booster shots for younger Americans, but unanimously recommended approving the third shots for individuals 65 and older, as well as those at high-risk of severe COVID-19.

Why it matters: While the votes are non-binding, and the FDA must still make a final decision, Friday's move pours cold water on the Biden administration's plan to begin administering boosters to most individuals who received the Pfizer vaccine later this month.

3 hours ago - World

France recalls ambassadors from U.S. and Australia over submarine deal

Secretary of State Antony Blinken (L), French Foreign Minister Jean-Yves Le Drian (C), and French ambassador to the U.S. Philippe Etienne. Photo: Nicholas Kamm/AFP via Getty Images

France has taken the extraordinary step of recalling its ambassadors to the U.S. and Australia after both countries blindsided their French allies with a new military pact and submarine contract, the French Foreign Ministry announced on Friday.

The backstory: While sealing an agreement with the U.S. and U.K. to acquire nuclear submarines, Australia ripped up an existing $90 billion submarine deal with France. That led senior French officials to accuse the U.S. of a "stab in the back."