First Round of Disney Layoffs Expected Before Shareholder Meeting on April 3rd
It is being reported that the first round of Disney Layoffs is expected to happen just before the Shareholder meeting on April 3rd according to Deadline. Bob Iger is aiming to cut around $5.5 Billion with these layoffs.
Bob Iger is planning on letting go of roughly 3% of the Disney Workforce or around 7000 cast members. Note frontline workers and theme park cast members seem to be safe in these job cuts.
The cuts are expected to be spread across the company’s three struggling divisions — Entertainment; ESPN; and Parks, Experiences, and Products with the disbanded Disney Media and Entertainment Distribution unit at the top of the layoff list.
Earlier this week we shared the news that those in Upper Management positions for the Walt Disney Company are being directed to identify layoff candidates so it only makes sense that the deadline would be the shareholder meeting on April 3rd.
Deadline has reported that “Senior Disney executives have been hashing out specifics of the reductions in recent weeks. We hear that most managers already have submitted their layoff target reports, the step corporations take before a major workforce layoff.”
A second and larger wave of layoffs is said to be coming towards the middle of April and a third has been rumored to follow what insiders are calling the April “bloodbath” towards the end of the month.
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