Shocking news has just been revealed about the layoffs within the Walt Disney Company.
Since CEO Bob Iger replaced Bob Chapek and returned to leadership in November, he has made it clear that he is determined to cut costs for the company. Many assumed that the cost-cutting measures would include employee lay-offs, but nothing was confirmed until later in the year. Fans were saddened to hear Iger reveal during a February quarterly results call that his plan to save money includes eliminating over 7000 jobs. Now, Insider has reported that many of those layoffs will be happening sooner than originally thought.
A Dark Day for the Walt Disney Company
It has been revealed that Disney CEO Iger is reducing the number of employees at a rapid pace. Managers at Disney have been given orders to reduce their budgets and reduce their employee numbers. For the past two weeks, Disney has been making brutal cost savings decisions. Executives at the company are currently preparing budget cuts in all departments.
These executives have been assigned to create a list of employees that they deem to be redundant and disposable. These lists will be turned in to higher-ups in the next couple of weeks. After the lists are turned in, employees who are on them will be informed of their termination. It is unclear if the layoffs will happen in waves or all at once.
Disney Layoff List to Include 4,000 Names
A staggeringly large number of employees will be included on the layoff lists. Out of the 7,000 jobs that were announced to be cut, 4,000 of those jobs will be on the upcoming list. That is a huge amount of employees, and this news is truly shocking to hear.
EXCLUSIVE: Disney executives are being directed to identify thousands of layoff candidates by April as CEO Bob Iger targets $5.5 billion in spending cuts $DIS https://t.co/9UYC5Or35p via @businessinsider
— Claire Atkinson 🏴 (@claireatki) March 17, 2023
In total, Bob Iger hopes to save the Walt Disney Company $5.5 billion. As the due date for the significant transformation draws near, the public will anxiously wait to see when terminations will happen and what areas will be affected the most.