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Disney To Begin Staff Layoffs This Week

March 27, 2023
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Disney Cuts Metaverse Division

Disney will begin layoff notices this week for more than 7,000 staffers whose positions will be eliminated as part of a deep cost-cutting effort that will be felt across all of the company’s key divisions.

Bob Iger said in February that the company would shed 7,000 jobs as the company restructures around three core divisions: Disney Entertainment, ESPN, and Parks, Experiences and Products.

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The cuts are “necessary for creating a more effective, coordinated and streamlined approach to our business,” Iger wrote on March 27, adding that senior leaders have been evaluating their operational needs since he announced the cuts.  ESPN is not touched by this week’s round of cuts, but is anticipated to be included in later rounds.

Iger said in his memo that a second round of Disney Layoff planned for April will be “larger” than the round this week, with “several thousand” cuts set to take place at that time. A third round of cuts will take place “before the beginning of the summer to reach our 7,000-job target.”

“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. I ask for your continued understanding and collaboration during this time,” Iger added.

“In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future.”

Iger returned as CEO in November, with his successor and predecessor Bob Chapek departing after only about two and a half years on the job.

“The Board has concluded that as we embark on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period,” Disney’s board chair Susan Arnold said at the time.

 

Somto Bisina
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Somto Bisina

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