Disney (NYSE:DIS) has abandoned plans to open up a new employee campus in Lake Nona, Florida, amid rising tensions with the state’s governor.
Citing “changing business conditions” and the return of CEO Bob Iger, Josh D’Amaro, chairman of Disney’s parks, experiences and products division, penned a memo to employees Thursday, announcing that the company will not move forward with construction of the campus and will no longer be asking more than 2,000 California-based employees to relocate to Florida.
“This was not an easy decision to make, but I believe it is the right one,” D’Amaro told employees.
Many Disney employees balked at the company’s relocation plans when they were first announced in July 2021 by former CEO Bob Chapek. While some left the company, or transitioned to other posts within Disney that would not require a move to Florida, others held out hope that the plan would fizzle out after a postponement. The campus was originally slated to open in 2022-2023, but was later delayed to 2026.
Headquarters for “The Mouse” are located in Burbank, California, but the company operates a number of satellite offices across the country and the world.
Disney’s announcement comes amid a bitter feud between the company and Florida Gov. Ron DeSantis. The company filed a lawsuit accusing DeSantis and the new board members of its special district of carrying out a campaign of political retribution against the entertainment giant.
DIS shares ditched $1.71, or 1.8%, to $92.05.
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