Walt Disney Co. (DIS) has named a new executive to lead the entertainment company’s Star Wars franchise.
Lucasfilm, the Disney division that makes movies and television shows based on Star Wars, has named Dave Filoni as its new president, replacing Kathleen Kennedy in the role.
Filoni is well versed in Star Wars, having served as showrunner on the popular animated series “The Clone Wars” and executive producing the live-action series “The Mandalorian.”
The Star Wars franchise, which Disney acquired from creator George Lucas in 2012 for $4 billion U.S., is strategically important to the Mouse House.
Star Wars brings in billions of dollars a year for Disney through movies, TV shows, and foot traffic at its theme parks.
Filoni’s appointment comes at a time when Disney and its stock have been waning and the entertainment giant faces new threats.
Netflix (NFLX) is in the process of buying Warner Bros. Discovery (WBD), a deal that will give the streamer control of beloved characters such as Superman and Harry Potter.
Lucasfilm had mixed results under Kennedy’s leadership. For every hit such as The Mandalorian, there were duds like “Solo,” a movie focused on Star Wars character Han Solo.
Disney has said it wants more consistent box office success from the Star Wars franchise and to help drive subscriptions to the Disney+ streaming service.
DIS stock is down 34% over the past five years and currently trading at $113.41 U.S. per share.
