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Disney To Undergo More Layoffs With Divisions Eyeing Up To 20% Savings
Deadline • • business
Key Points:
- The Walt Disney Company is preparing for additional layoffs across multiple divisions, including TV networks and its motion picture studio, with some managers tasked to achieve up to 20% in annual cost savings.
- Since Josh D’Amaro became CEO in March, Disney has already cut thousands of jobs, including 1,000 roles in April and several hundred more in July, affecting divisions like Pixar and National Geographic.
- The company accelerated restructuring efforts with a Voluntary Early Retirement Offer (VERO) for executives in August, which led to more departures than expected and preceded ongoing involuntary layoffs.
- Recent layoffs have continued into late September and October, impacting areas such as technology, HR, and Disney’s Experiences division, including employees at the Imagineering campus.
- CEO D’Amaro emphasizes cost reduction to free capital for reinvestment in new content, guest experiences, and technology, aiming to keep Disney competitive amid challenges from the tech industry.
