memo

Bob Iger, CEO, Disney, during CNBC interview, Feb. 9, 2023.Randy Shropshire | CNBCDisney will begin layoffs this week, the first of three rounds before the beginning of the summer that result in about 7,000 job cuts, according to a memo sent by Chief Executive Bob Iger.The cuts are part of a broader effort to reduce corporate spending and boost free cash flow. Disney said last month it plans to cut $5.5 billion in costs, including $3 billion in content spend."This week, we begin notifying employees whose positions are…

Telecom equipment maker Ericsson will lay off 8,500 employees globally as part of its plan to cut costs, a memo sent to employees and seen by Reuters said.While technology companies such as Microsoft, Meta and Alphabet have laid off thousands of employees citing economic conditions, Ericsson's move would be the largest layoff to hit the telecoms industry."The way headcount reductions will be managed will differ depending on local country practice," Chief Executive Borje Ekholm wrote in the memo."In several countries the…

John Carmack, the virtual reality pioneer who joined Meta from Oculus after its $2 billion acquisition, has left the social network. Business Insider first reported his departure, citing people familiar with the company, and published pieces of his internal memo that contained sentiments critical of Meta and its augmented and virtual reality efforts. After Insider's and The New York Times' reports came out, Carmack confirmed on Twitter and Facebook that he is indeed leaving the company and even published his note to staff…

Dear Reader, It’s a sunny winter afternoon on the Malabar Coast, and I am teaching a personal storytelling class at IIM Kozhikode. Sixty students are seated in an amphitheatre-like classroom, on a campus spread over hillsides covered with coconut and chikoo trees. Many have come in from neighbouring towns, and some from as far away as France, Saudi Arabia and Bangladesh. They are in their late thirties and forties, they’ve worked for a decade or more, and are now doing a management degree, studying weekends whilst they…

Hundreds of CNN employees were notified of layoffs Thursday as part of CEO Chris Licht's efforts to transform the cable news network.CNN had about 4,400 employees. The layoffs affected hundreds of staffers, but amounted to a "single-digit percentage" of staff, according to a person familiar with the matter who was not authorized to speak publicly about the matter. That would mean no more than about 400 staffers were let go.Licht sent a memo to all staffers Thursday afternoon after the news was delivered to employees,…

Twitter Inc. on Thursday announced it was temporarily closing its offices after Elon Musk issued employees an ultimatum. Twitter Inc. on Thursday announced it was temporarily closing its offices after Elon Musk issued employees an ultimatum: Stay with the company “working long hours at high intensity” or quit with three months' severance pay.The closure until Monday came after more workers than expected opted for the latter option, according to people familiar with the situation, causing confusion over who should still…

Omnicom serves over 5,000 clients in 70 countries, including McDonald's Corp and Apple. Advertising and marketing conglomerate Omnicom Group Inc has recommended that clients pause their spending on Twitter in the short term, according to an internal memo seen by Reuters.Omnicom serves over 5,000 clients in 70 countries, including McDonald's Corp and Apple. The memo did not mention clients by name and it is not clear if any have paused Twitter advertising spending. The move, first reported by tech news site The Verge,…

Walt Disney Co. DIS 5.03% Chief Executive Bob Chapek announced Friday companywide cost-cutting measures and told division leaders that layoffs are likely, according to an internal memo viewed by The Wall Street Journal. The austerity measures, which include a ban on all but essential work travel and a freeze on new hires for all but a few critical positions, come days after Disney reported lackluster quarterly earnings and a $1.5 billion…

Disney plans to institute a targeted hiring freeze as well as some job cuts, according to an internal memo sent to executives."We are limiting headcount additions through a targeted hiring freeze," CEO Bob Chapek said in a memo to division leads sent Friday and obtained by CNBC. "Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams."Chapek also told…

Mark Zuckerberg, chief of Facebook parent Meta, has revealed the company today will lay off 11,000 staff or about 13% of its current worldwide headcount. Affected staff will be notified today.The company reported its Q3 earnings last month, with revenues down $4 billon year over year to $27.7 billion and almost no growth in user numbers across its core Family of Apps, Facebook, Instagram and WhatsApp. While layoffs in the tech sector have been happening for the past few months, layoffs of this scale by one of the top…