Early last month, Bob Iger announced that the Walt Disney Company would be laying off thousands of employees as part of the next round of cost cutting, and employees affected will be notified this week as revealed in a new memo from Iger himself.
What’s Happening:
- Early last month, Bob Iger revealed that The Walt Disney Company will be laying off thousands of employees as part of a new round of cost cutting measures.
- On the Walt Disney Company’s Q1 earnings call with CFO Christine McCarthy, Iger said that 7,000 jobs would be let go from the now 100-year-old company. "I have enormous respect and appreciate for the dedication of our employees worldwide," Iger said. "While this is necessary to address the challenges we face today, I do not make this decision lightly."
- That day has come, and Iger has sent out a memo, announcing that employees affected by these decisions will be notified this week.
- You can read the full memo 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. Over the past few months, senior leaders have been working closely with HR to assess their operational needs, and I want to give you an update on those efforts.
This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions. Leaders will be communicating the news 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 the summer to reach our 7,000-job target.
The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here. That’s part of what makes working at Disney so special. It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company.
For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward. I ask for your continued understanding and collaboration during this time.
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. 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