Walt Disney has parted company with Dick Cook, the head of its movie studio, after a series of box office flops that have been keenly felt at the group amid an industry-wide decline in DVD sales.

Mr Cook has worked for Disney for almost 40 years, having started his career at the company as a monorail driver at Disneyland. Well-liked and respected throughout Hollywood, he forged relationships with some of the company’s biggest stars, such as Jerry Bruckheimer and Johnny Depp.