Some big news was just revealed by “the big cheese” of Disney.

Related: Disney Still Selling “Problematic” Splash Mountain Merchandise in Parks

Walt Disney Company CEO Bob Chapek just halted hiring at the company, among other actions. This was confirmed just now in a tweet from reporter Scott Gustin:

NEW: Disney CEO Bob Chapek just announced a “targeted hiring freeze” at the company, according to a memo sent to company leads. “We are limiting headcount additions through a targeted hiring freeze.” Chapek said hiring for “critical, business-driven positions” will continue.

NEW: Disney CEO Bob Chapek just announced a “targeted hiring freeze” at the company, according to a memo sent to company leads.

“We are limiting headcount additions through a targeted hiring freeze.” Chapek said hiring for “critical, business-driven positions” will continue.

— Scott Gustin (@ScottGustin) November 11, 2022

This is not the only major action taking place at The Walt Disney Company. As reported by Variety, Disney is planning on enacting layoffs as well as limiting company travel as part of a cost-cutting initiative.

In a memo that accompanied this news, Disney CEO Bob Chapek wrote: “I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time. Our company has weathered many challenges during our 100-year history, and I have no doubt we will achieve our goals and create a more nimble company better suited to the environment of tomorrow.”

This bombshell comes just days after Disney shared its 4th quarter earnings which included some impressive numbers.

According to the filing by Disney, the Disney Parks division of the company posted $7.4 billion in revenue for the fourth quarter of 2022 and a whopping $28.7 billion in total revenue for the fiscal year 2022, which ended on October 1, 2022. However, Disney’s stock price has continued to drop, seeing the biggest drop it has had in a single day in over two decades.

This also follows calls for Bob Chapek to be fired by CNBC financial analyst Jim Cramer.