Disney is starting its latest round of lay-offs this week as CEO Bob Iger confirmed there will be 7,000 job losses across the company.
While it’s unclear which departments will be impacted most heavily the CEO said he is building “a more effective, coordinated and streamlined approach to our business” under $5.5bn in cost savings announced in February.
The first round of employees are being notified this week, with a larger round coming in April and a final round scheduled before the summer.
Noting how the upcoming lay-offs “is not something we take lightly”, Iger spoke of “challenges ahead” and asked those employees who will stay on for their “continued understanding and collaboration during this time”.
Disney’s annual shareholder meeting is scheduled for April 3.
Iger’s memo to Disney staff appears below
Dear Fellow Employees,
As I shared with you in February, we have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs as part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business. The annual shareholder meeting of Disney is scheduled for April 3.
Iger’s memo to employees appears below
Dear Fellow Employees,
We have made the difficult decision to reduce our workforce by approximately 7,000 jobs as part of a strategic realignment. This includes important cost-saving measures necessary to create a more efficient, coordinated, and streamlined approach to our business. Over the next four days, leaders will communicate the news directly with the first group affected employees. We don’t take lightly the reality that many of our friends and colleagues will be leaving Disney. This company is home of some of the most dedicated and talented employees in the world. Many of you bring a passion for Disney to your work here. This is part of what makes Disney so special. It’s also difficult to say goodbye and be with people you care about. I want you to know that I am grateful for every employee who has left. I appreciate your cooperation and understanding during this difficult time.
In times of uncertainty, we must do everything possible to ensure that Disney continues to deliver exceptional entertainment to guests and audiences around the globe. Please know that our HR partners and leaders are committed to creating a supportive and smooth process every step of the way.
I want to thank each of you again for all your many achievements here at The Walt Disney Company.
Sincerely,
Bob
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