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Disney CEO Bob Iger on laying off employees: 'In tough moments, we must always do what is required'

Firstpost logo Firstpost 3/29/2023 FP Trending
Disney CEO Bob Iger on laying off employees: 'In tough moments, we must always do what is required' © Provided by Firstpost Disney CEO Bob Iger on laying off employees: 'In tough moments, we must always do what is required'

Following the lead of other media companies like Warner Bros. Discovery, Disney is now also gearing to lay off employees as it announced a month back in February. In regard to the employees of Walt Disney Co, CEO Bob Iger in his latest email informed about starting the first of the three rounds of layoffs by this week. Notably, the move which comes as a part of reducing costs and streamlining the business will go on to affect several major divisions of the company including Disney Entertainment, Disney Parks, Experiences and Products, and corporate. According to Iger, a total of 7,000 employees will be laid off as a part of the three rounds. While the first round began on Monday, several thousands more will be laid off in April, and the final slot likely be before summer.

Disney CEO’s email on layoffs

After returning as Disney’s chief executive, Bob Iger last month announced the company’s plan to reduce 7,000 jobs in an aim to save $5.5 billion in costs and further turn its unprofitable streaming business into a profitable one. Besides that, it also plans to restructure the corporation by adopting various new strategies.

In this mail, Iger notified that the first phase of the employee layoffs begins this week with managers soon sending out notices to the affected employees. In the second phase, more staffers will be notified in April and the third and final phase will be scheduled “before the beginning of the summer.”

“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. 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,” he wrote.

As per a CNN report, the total employee strength of Disney as of 1 October 20222 was 2,20,000 worldwide with 1,66,000 employed in the United States alone.

Notably, this comes right at the time when Disney has also announced the ending of its partnership with HBO. As a part of it, some major HBO shows like Game of Thrones, House of the Dragon, Succession, and The Last of Us will no longer be available for fans in India.

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