By The FirstThe Walt Disney Company is firing 4,000 employees this week, more than half of the projected 7,000 layoffs expected in the near future.
“These are hard decisions and not ones we take lightly – but every decision has been made with considerable thought, and we are doing everything we can to make sure this process is conducted with respect and compassion,” Executives wrote in a company-wide memo to staff.
“The company said last February it expects to realize $5.5 billion in cost savings as a result of the layoffs and other austerity measures. ESPN and Parks, Experiences and Products, the other two corporate divisions, will see staff cuts along with Entertainment. No frontline operational workers at the company’s theme parks are expected to lose their jobs, however,” reports Deadline.
“CEO Bob Iger began outlining plans for downsizing soon after returning to the top job last November. One area targeted for cuts has been the centralized distribution organization created by his predecessor, Bob Chapek. Kareem Daniel, who led Disney Media and Entertainment Distribution, was let go from the company on Iger’s first official day back at the controls following Chapek’s ouster,” adds the outlet.
Read the full report here.
