Disney Plans Up to 1,000 Layoffs as CEO Josh D’Amaro Takes Over Company
The Walt Disney Company is preparing for a significant round of layoffs, with up to 1,000 positions expected to be eliminated in the coming weeks.
The move comes as new CEO Josh D’Amaro begins reshaping the company’s structure.
Huge Layoffs
Photo: The Walt Disney Company
According to a report in the Wall Street Journal, many of the cuts will impact Disney’s recently consolidated marketing division. It is part of a broader effort to streamline operations and reduce costs.
Like other major studios, Disney is adjusting to lower profits from streaming than from traditional television, along with softer box-office returns and strong competition from companies like Amazon and YouTube.
Walt Disney Company
Since Bob Iger returned as CEO in 2022, Disney has cut more than 8,000 jobs as part of its restructuring plan.
Despite these changes, the company still employs about 231,000 people. The majority of these roles are in its parks and experiences division, which continues to grow.
Walt Disney Company
The company has also included combining marketing efforts across entertainment, sports, and experiences under the chief marketing officer, Asad Ayaz. The initiative is known internally as “Project Imagine” and is the first of its kind within the company.
The company is also integrating its Disney+ and Hulu teams as it works toward a unified streaming platform.
Disney
D’Amaro has not shared specific plans for restructuring Disney since taking on the role of CEO, but employees close to the company said one of his major priorities is getting different divisions to collaborate.
His goal is to achieve a quicker, more efficient form of collaboration and progress moving forward.
Walt Disney Company
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Feature Photo: Disney
Article source: Wall Street Journal
