Disney plans layoffs of as many as 1,000 employees
CNBC • • business
Key Points:
- Disney plans to initiate a new round of cost-cutting measures, including up to 1,000 layoffs, primarily targeting its marketing department.
- The layoffs follow a recent consolidation of Disney's marketing under Asad Ayaz, the newly appointed chief marketing and brand officer overseeing all divisions.
- Josh D'Amaro, who became CEO in mid-March, is leading this next phase shortly after succeeding Bob Iger, who returned as CEO in late 2022 to stabilize the company.
- Disney previously announced a major reorganization in early 2023, cutting $5.5 billion in costs and eliminating 7,000 jobs as part of a broader turnaround strategy.
- D'Amaro emphasized that the company is now operating from a position of strength, building on Iger’s efforts to reignite creativity and improve performance across Disney’s businesses.
