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Disney CEO, Bob Iger announces when to expect Cast Member layoffs and how this will affect Disney now and going forward.
Hiring Freeze Remained in Place with Iger
Bob Iger returned as Disney CEO back in November 2022. Since that time we have seen restructuring with many high-level executives exiting the Walt Disney Company.
Before his departure, Bob Chapek announced a hiring freeze for the company. He stated, “Hiring for the small subset of the most critical, business-driving positions will continue, but all other positions are on hold.”
Back in November, Iger hosted a Town Hall meeting and addressed this hiring freeze. Iger shared, He stated that he did not have any plans to reverse the freeze.
Massive Layoffs Announced
Last month, during the First Quarter Earnings Call, Bob Iger shared that the Walt Disney Company will look to streamline the company. During this call, Iger announced that the Walt Disney Company will be cutting $5.5 billion in costs.
In order to meet this need to cut costs, huge job reductions will be coming. Bob Iger announced a workforce reduction of 7,000 jobs. Iger shares,
“While it is necessary to address the challenges we are facing today, I do not make this decision lightly.”
Robert Iger, Disney CEO
Reason for Layoff
Today, Iger shared current and future layoff details. First, he re-emphasized that the massive layout is part of the “strategic realignment of the company, including cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business.”
Then, he stated that senior leaders have been working with human resources to assess their operational needs.
Update
Per Bob Iger:
“This week we begin notifying employees whose positions are impacted by the company’s workforce reductions. Leaders will be communicating directly to the first group of impacted employees over the next four days.
A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of summer to reach our 7,000 job target.”
Robert Iger, Disney CEO
Personal Message
While Bob Iger is clear in the company’s plans to enact the layoff, he shares his appreciation with Cast Members too. On this Cast Member communication he says “The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented employees in the world.”
In tough moments, we must always to what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future.
Bob Iger, CEO of the Walt Disney Company
What are your thoughts on Iger’s message? Do you think the layoffs will help Disney streamline the company? Please share your thoughts in the comments below and share this post with a friend.
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Mike
Tuesday 28th of March 2023
They should cut there salaries to keep the people they do have. The disneyworld parks are not what they were. Employees are rude, parks are dirty. Its a disgrace, let alone gouging people so these higher ups can still get a bonus. Walt must be turning in his grave, its just disgusting what these corporate mongerals have done.
Charles Elias Disney II
Tuesday 28th of March 2023
Walt’s Dream was turned to an Abomination since his death in 1966. His Dream of EPCOT 1966 Progress City which was supposed to unite all the corporations to working together, turned into Corporate Profiteering and Whoremongering. I am Walt and Roy O’s cousin. Roy O was a hotelier and knew only how to build and run hotels. Roy did not know or in a position to unite all the corporations to work together. Walt’s Dream was destroyed. It was never about Theme Parks or Resorts, but a working city where everyone had to work together for a better future.
JBarnes
Tuesday 28th of March 2023
This has nothing to do with revenue and everything to do with Disney having invested too much into growing Disney Plus rapidly. It is the same reason Chapek was forced out - the absolutely dreadful investor meeting where he managed to make major successes coupled with some very expensive investments sound like Disney was headed for bankruptcy. The investors need reassured, and there is nothing that makes investors happier than cutting costs. I just hope they are smart about which positions they cut.
Robert Mcnair
Tuesday 28th of March 2023
Never had this problem when frank well li s and hes partner took over in 83
Chris Wood
Tuesday 28th of March 2023
The only ones to be fired are the service people. Housekeeping, maintenance workers who clean up The place. Then they will cut back on the service.