Walt Disney will begin notifying employees of layoffs starting this week.
On the 27th (local time), according to the U.S. economic media CNBC, Bob Iger, Disney's Chief Executive Officer (CEO), stated in a memo to employees, "As I mentioned last February, we have made the difficult decision to reduce our workforce by approximately 7,000 as part of a strategic reorganization," adding, "Starting this week, notifications will begin for employees affected by the company's layoffs."
He explained, "Over the next four days, leaders will directly inform the first group of employees impacted by the layoffs," and "a second, larger round of notifications will take place in April. The number of employees will be reduced by several thousand more." He added, "Before summer, the final (third) notification will begin, reaching the total layoff target of 7,000 employees."
Earlier, Disney announced a cost-cutting plan in February that included layoffs amounting to 3.6% of its total workforce, approximately 7,000 employees. This restructuring was led by CEO Iger, who returned to Disney after previously leading the company during its 'content empire' heyday. The goal is to reduce costs by $5.5 billion. CNBC predicted that Disney's restructuring will significantly impact its media and distribution business, theme parks and resorts, and ESPN.
CEO Iger said, "I do not take lightly the difficult situation faced by many colleagues and friends leaving Disney," but also noted, "There will be challenges as we continue to build structures and functions that allow us to move forward successfully." He emphasized, "Even in difficult times, we must take the necessary steps to ensure Disney continues to provide outstanding entertainment to customers worldwide." Disney is scheduled to hold its annual shareholders' meeting on April 3.
Meanwhile, in the United States, as recession warnings grow louder, large corporations and technology companies such as Meta Platforms, Microsoft, and Amazon have been undertaking restructuring efforts since the second half of last year.
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