A trip to Disney is an unattainable luxury for many Americans today.
Now, Walt Disney Company CEO Bob Iger is acknowledging the inaccessibility of the company’s theme park costs, calling recent price hikes “too aggressive” at the Morgan Stanley Technology, Media and Telecom Conference on Thursday, The Los Angeles Times reported.
“In our zeal to grow profits, we may have been a little bit too aggressive about some of our pricing,” Iger said. “I think there’s a way to continue to grow that business, but be smarter about how we price so that we maintain that brand value of accessibility.”
Iger, who’s been with the company for four decades (with 15 years as its CEO), resumed his leadership role last November after his successor Bob Chapek stepped down. Iger’s on track to retire again in two years, per Fox Business; the search for Disney’s next CEO is underway.
Walt Disney Co is down nearly 28% year over year.