Disney CEO Bob Iger has confirmed the first of three rounds of layoffs is starting this week as the company looks to reduce its workforce by about 7,000 employees
has confirmed the first of three rounds of layoffs is starting this week as the company looks to reduce its workforce by about 7,000 employees.last week — three rounds of cutbacks, with the second slated to be the deepest. This week’s initial round comes a few days before the company’s annual shareholder meeting on April 3. Iger had first announced plans for the downsizing in February, describing it as a key to achieving $5.5 billion in cost savings.
Iger returned to the top job last November after stepping down in 2020 following a 14-year CEO stint. He faces a host of challenges in steering the media giant the second time around, including a more adverse macroeconomic climate and far greater Wall Street skepticism about the economics of streaming. He has already dismantled the centralized distribution structure implemented by former CEO Bob Chapek and set up three corporate divisions.
The reduction in staff could be a tonic for Disney’s stock, at least in the short term. As with many media stocks over the past year-plus, Disney shares have hit hard times, losing about half their value since summer 2021. While the stock surged after Iger’s return, it has mostly moved sideways in recent months.
The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here. That’s part of what makes working at Disney so special. It also makes it all the more difficult to say goodbye to wonderful people we care about.
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