September 6, 2011 / 5:54 PM / 7 years ago

Head of Disney consumer product business resigns

LOS ANGELES (Reuters) - The head of Walt Disney Co’s consumer products division has resigned after leading the unit for nearly 12 years, the company said on Tuesday.

Andrew Mooney “has decided to resign from his post,” Disney said in a statement.

In an email to employees that was released by Disney, Mooney thanked Disney Chief Executive Bob Iger “for his understanding in my desire to pursue other ambitions.”

Mooney said it was the “perfect time” to take his experience at Disney and, before that, at shoe and apparel maker Nike “into a leadership role with another organization and corporate boards.”

Revenue at Consumer Products, the second fastest growing Disney segment, climbed 13 percent to $685 million in the quarter ended July 2, accounting for just above 6 percent of the theme park operator and media behemoth’s total revenue that quarter.

Mooney created the Disney Princess franchise and oversaw merchandising of characters from popular films such as “Toy Story” and “Cars.”

Shares of Disney were trading 1.8 percent lower at $31.87 in afternoon trading on the New York Stock Exchange.

Reporting by Lisa Richwine; Editing by Steve Orlofsky

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