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Disney CEO confirms three rounds of layoffs cutting 7,000 staff are to begin
https://www.whatjobs.com/news/usa/us-business-news/disney-ceo-confirms-three-rounds-of-layoffs-cutting-7000-staff-are-to-begin
By Nithya Bose in US business news, posted March 29, 2023
Disney is to carry out its 7,000 job cuts in three batches, CEO Bob Iger has told staff.
The layoffs are part of a multibillion-dollar cost-cutting push to streamline its operations during a time of upheaval in the media sector.
The first wave will start this week, and managers will begin notifying impacted staff, Mr. Iger said in an internal memo.
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He added a second, bigger round of cuts would occur in April, where thousands are expected to lose jobs.
He said the final spate of reductions would happen “before the beginning of the summer” to meet the 7,000 staff downsizing target.
Iger said: “The difficult reality of many colleagues and friends leaving Disney is not something we take lightly.
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“In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future.”
As of October 1, Disney employed roughly 220,000 people, with around 166,000 based in the US.
A reduction of 7,000 jobs equals around three percent of its global workforce.
The layoffs come following Iger's return to Disney in November when the company's board ousted Bob Chapek as CEO.
Source: CNN
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