Disney Executives To Identify 4,000 Layoff Candidates By April
According a report from Business Insider, massive layoffs and cost-cutting measures will hit the Walt Disney Company beginning in early April
As part of the company’s ongoing restructuring, Disney CEO Bob Iger has instructed executives to identify 4,000 candidates for layoffs by the beginning of next month.
Photo:InsideHook
A $5.5 Billion Cost Cutting Plan
The layoffs are part of Bob Iger’s massive $5.5 billion cost cutting plan. In addition to reducing its workforce by nearly 4,000, Disney is also expected to cut thousands of open roles.
When Bob Iger announced that the Walt Disney Company would be restructured into three main divisions last February, he also announced that the company would be cutting 7,000.
Photo: Getty Images
At the time, Iger stressed that Disney needed to do things differently during this “difficult time” in order to remain profitable. Under former CEO Bob Chapek, Disney saw its profitability decline, and investors begin to grumble.
With Iger back at the helm, hopes are high for the future of the Walt Disney Company. That doesn’t mean however, that their won’t be speedbumps on the way.
A Push For Profitability
Bob Iger and Disney’s “push for profitability” is expected to affect all departments within the Walt Disney Company. Disney Parks, Resorts and Experiences however, has previously announced that layoffs will not affect front-line hourly Cast Members.
Photo: AdWeek
Additionally, the hiring freeze that was put in place by former Disney CEO Bob Chapek has continued under Iger.
At this time, it is unclear if the layoffs will occur in waves, or all at once. Nevertheless, it is a tough time to be a Walt Disney Company employee.
Photo: The Walt Disney Company
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