Disney CEO Bob Iger Confirms Start Of Layoffs, With Three Rounds Of Cuts Expected Before Summer
deadline.comDisney CEO Bob Iger has confirmed the first of three rounds of layoffs is starting this week as the company looks to reduce its workforce by about 7,000 employees.
The exec’s memo to employees (read it below) tracks closely with what Deadline exclusively reported last week — three rounds of cutbacks, with the second slated to be the deepest.
This week’s initial round comes a few days before the company’s annual shareholder meeting on April 3. Iger had first announced plans for the downsizing in February, describing it as a key to achieving $5.5 billion in cost savings, and managers have been finalizing details of the new structure during subsequent weeks. “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 wrote in the memo.
Iger returned to the top job last November after stepping down in 2020 following a 14-year CEO stint. He faces a host of challenges in steering the media giant the second time around, including a more adverse macroeconomic climate and far greater Wall Street skepticism about the economics of streaming.
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