Disney's top films president is stepping down in a shakeup

Disney has shaken up the leadership of its live-action film studio, as boss Bob Iger looks to turn around the entertainment giant's fortunes.

The move will see head of motion picture production Sean Bailey step down after a decade and a half in the role.

He will be replaced by David Greenbaum, president of Disney Searchlight Pictures.

It follows recent disappointing performances at the box office, including Haunted Mansion and Jungle Cruise.

Disney said Mr. Bailey will remain at the company as a producer on the upcoming sci-fi film Tron: Ares and other projects.

During his tenure, Mr. Bailey oversaw live-action adaptations of Alice in Wonderland, Maleficent and The Jungle Book.

His blockbuster films also include The Lion King, Beauty and the Beast, and Aladdin.

Together his productions have brought in an estimated $7bn (£5.5bn) in global box office revenue for the media giant.

But last year, he was also responsible for The Little Mermaid, which failed to be as successful as the others.

“Sean has been a critically important member of the studio’s creative team for more than a decade,” said Alan Bergman, co-president of Disney Entertainment.

“He and his team have brought to the screen iconic stories and moments that have delighted fans around the world and will stand the test of time.”

Mr. Greenbaum has been appointed to the newly created position of President of Disney Live Action and 20th Century Studios.

He participated in the film “Bad Things”, which received 11 nominations, including Best Picture for this year's Academy Awards.

Disney has come under pressure from activist investor Nelson Peltz, who has called for business change.

The American billionaire wants Disney to boost its profits from its streaming business as well as improve the box office performance of its films.

Peltz has repeatedly demanded a seat on Disney's board of directors. Company Monday Send a message to shareholders He urged them not to support his bid to become a member of the board of directors.

Plans include streaming an exclusive version of the concert film of Taylor Swift's Eras Tour on Disney+.

The company will also invest $1.5bn (£1.2bn) in Epic Games, the maker of the popular video game Fortnite.

Together, the three US media giants own a wide range of sports rights including the FIFA World Cup, Formula 1, the National Football League, the National Basketball Association and Major League Baseball.

It was reinstated after the company's stock price fell and Disney+ continued to make a loss.