New York
CNN
—
Disney CEO Bob Iger on Monday mentioned his firm will start laying off workers beginning this week, the primary of three rounds of anticipated cuts following his announcement in February that the corporate would axe 7,000 jobs.
The cuts to Disney’s global workforce are a part of a multibillion-dollar cost-cutting initiative geared toward streamlining the corporate’s operations in a interval of media business turmoil.
In a memo to workers obtained by CNN, Iger mentioned the layoffs would are available three waves. The first spherical will start this week, and managers will quickly begin to notify affected staff. A second, bigger spherical of layoffs will happen in April, Iger mentioned, with a number of thousand staffers let go. A 3rd spherical of layoffs will then happen “before the beginning of the summer” to achieve the corporate’s deliberate objective of eliminating 7,000 jobs.
“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Iger mentioned within the memo. “In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future.”
Disney
(DIS) had about 220,000 staff as of October 1, of which roughly 166,000 have been employed within the United States. A lower of seven,000 jobs represents about 3% of its world workforce.
The layoffs observe Iger’s return to Disney in November after the corporate’s board fired Bob Chapek as its chief.