Disney CEO Bob Iger lays out the timeline for job cuts as the company restructuring and cost-saving measures come into effect

Mar 27, 2023 in "The Walt Disney Company"

Posted: Monday March 27, 2023 12:13pm ET by WDWMAGIC Staff

In a memo to Cast Members today, Disney CEO Bob Iger has detailed the timeline for job cuts affecting all company segments.

The first round of job cuts will begin this week, followed by a larger round of notifications in April, expected to impact several thousand employees. The final round of notifications will take place before the beginning of the summer to bring the total workforce reduction to 7000.

Iger said in the memo, "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. "

Disney Parks, Experiences, and Products Chairman Josh D'Amaro has previously said that job losses will occur in the parks segment.

In a note to Cast Members after the job cut announcement in February, Josh said that "the company is targeting significant savings across all businesses and the reorganization will result in necessary reductions to our overall workforce. While our teams have made great progress in contributing to cost savings, these measures affect every segment and organization — including ours — and are vital as we implement more cost-effective, coordinated, and streamlined operations."

Although the Disney Parks, Experiences, and Products division will see workforce reduction, D'Amaro said that he does not expect this to affect hourly frontline operations roles.

At the February Quarter earnings Call, Disney CEO Bob Iger announced there will be a new Disney organizational structure with three segments - Disney Entertainment, ESPN, and 'Disney, Parks Experiences, and Products.' The restructuring will allow Disney to save $5.5 billion in cost savings, and as part of the plan, Iger says Disney will eliminate 7000 jobs. Cost reductions will be comprised of approximately 50% marketing, 30% labor, and 20% technology procurement and other expenses.

The Walt Disney Company issues statement fully outlining details of its strategic restructuring.

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The Moles Family3 hours ago

Again, the TV and media division was hugely over bloated especially with loads still from the Fox acquisition. Also, for the mediocre content that’s coming out from ‘The house of the mouse’ recently, they needed to cut back

DCBaker11 hours ago

"Disney reached its 7,000 layoffs goal, handing out notices to the remaining employees impacted in its third round of job cuts last Friday ahead of the Memorial Day holiday weekend, Variety has confirmed. The Mouse House’s target was to conclude these companywide layoffs, which focused most heavily on the media divisions and left the parks largely untouched, ahead of the summer. The company still has plans to eliminate more roles internationally over a period of time, according to a source close to the situation, but Disney has now concluded the benchmark it set in February, soon after Iger’s return as CEO upon the ousting of Bob Chapek." Full article below. https://variety.com/2023/tv/news/disney-layoffs-end-7000-1235629809/

FutureCEO16 hours ago

Cillian Murphy gets a new hat!!!! 😍

Apple Core4 days ago

Accurate. I have friends and family members of friends who are part of these Maingate, Team Disney, and Celebration offices layoff groups at WDW. Park operations managers have also been impacted. Of course Burbank and Glendale have been severely hit, but the Florida folks I know are frustrated with media's statements like "Parks and Resorts remains mainly untouched".

JoeCamel5 days ago

Or in the case of TWDC IT you get the joy of training your replacement for that time......

TP20005 days ago

Perfect! The addition of the highly Botoxed suffragette in the Star Wars blouse is a nice touch. DIS stock price is now down 19% for the past year, down 12% for the past month, and down 3% just this week. When does the turnaround start, I wonder? 🤔

flynnibus5 days ago

I live through it virtually every year - it's not this big drama thing you keep highlighting. The move is announced when it's a big one... people don't know when people are going to start getting notified People get notified... they always have a long period on the payroll... and they stop doing their regular work Everyone figures out who was notified (because management won't discuss who is or not) Some months later the 'this is my last day....' emails start coming out. This is rank and file corporate workers in a fortune 50 company. Even if escorted out, that person is still usually on the books unless fired for cause. I can't remember any situation anyone I know had their card access removed or anything. People just get removed from doing work, and of course forward looking concepts. They have all the digital sleuthing to deal with people who try to exfiltrate data.

Trauma5 days ago

Can I buy the NFT?

Disstevefan15 days ago


Trauma5 days ago

You’re getting better at this. Now we just need KK lighting Star Wars on fire in the background and we have a masterpiece.

Jrb19795 days ago

We're invincible

Disstevefan15 days ago

hopemax5 days ago

My DH, works in tech, has been laid off 5 times. Only 2 of the times were “get out today.” Only one of the 5 was your access is shut off immediately. The one during pandemic.

asianway5 days ago

I can corroborate this statement Cap is 100% correct