Breaking News: Disney to Begin Layoffs This Week
The Walt Disney Company experienced some big changes last year, including the return of CEO Bob Iger.
Iger announced back in Disney’s February earnings call that thousands of jobs were going to be cut. Now, we know when the cuts will begin.
The Walt Disney Company will begin its first round of layoffs this week, according to a tweet from Spectrum News 13’s Ashley Carter. “This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions,” said Disney CEO Bob Iger.
Disney begins 1st round of layoffs this week, according to a memo CEO Bob Iger sent to employees Monday. Leaders will notify impacted workers over the next 4 days:
“This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions." pic.twitter.com/29Hwb324aC
— Ashley Carter (@AshleyLCarter1) March 27, 2023
This will be the first of three rounds of layoffs, which will add up to 7,000 job cuts. Leaders will be telling the impacted employees over the next four days, according to Seeking Alpha.
We did learn last week that Bob Iger instructed executives to identify 4,000 candidates for layoffs by the beginning of April. There will be a second round of layoffs in April, and a final round before the summer.
These layoffs are part of Iger’s plan to cut $5.5 billion in costs. Along with the layoffs, Disney is expected to cut thousands of open roles as well.
Iger continued on to say, “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.”
“For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward,” Iger also said, according to Seeking Alpha.
Stay tuned for more news and updates.