Disney to Start Its 7,000 Job Cuts This Week
The company also plans to slash $5.5 billion in costs.
Photo:
Eric Thayer/Bloomberg News
Walt Disney Co.
DIS 0.92%
said it would start notifying workers that they are being laid off, as part of the company’s previously announced plan to cut 7,000 jobs.
The entertainment company this week will notify employees whose positions are affected in the initial phase of job cuts, according to a note to employees from Chief Executive
Robert Iger
that was viewed by The Wall Street Journal.
A second, larger round of notices with several thousand more staff reductions will take place in April. Disney expects to commence the final round before the summer starts to reach its target of 7,000 job cuts, which were first announced in February.
“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,” Mr. Iger said.
The news of Disney’s cuts came during Mr. Iger’s first earnings call since returning as chief executive following the ouster of
Bob Chapek.
The company also in February said it would slash $5.5 billion in costs as Mr. Iger outlined his vision for the company.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The company also plans to slash $5.5 billion in costs.
Photo:
Eric Thayer/Bloomberg News
Walt Disney Co.
DIS 0.92%
said it would start notifying workers that they are being laid off, as part of the company’s previously announced plan to cut 7,000 jobs.
The entertainment company this week will notify employees whose positions are affected in the initial phase of job cuts, according to a note to employees from Chief Executive
Robert Iger
that was viewed by The Wall Street Journal.
A second, larger round of notices with several thousand more staff reductions will take place in April. Disney expects to commence the final round before the summer starts to reach its target of 7,000 job cuts, which were first announced in February.
“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,” Mr. Iger said.
The news of Disney’s cuts came during Mr. Iger’s first earnings call since returning as chief executive following the ouster of
Bob Chapek.
The company also in February said it would slash $5.5 billion in costs as Mr. Iger outlined his vision for the company.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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