Disney to Fire Thousands of Cast Members Next Week

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Disney CEO Bob Iger and Disney image as background

Credit: Inside the Magic

According to a recent report from Bloomberg, The Walt Disney Company and CEO Bob Iger plan to eliminate thousands of positions beginning next week.

walt disney company headquarters
Credit: Disney

Related: Disney Announces New HR Chief as Company Prepares For Massive Layoffs

On the company’s most recent earnings call with Wall Street analysts, Disney CEO Bob Iger dropped a bombshell, revealing thousands of jobs will be cut. Iger would state that Disney would be cutting its workforce by 7,000 jobs. This is a whopping number, especially considering the profits The Walt Disney Company posted mere moments ago.

During the announcement, The Walt Disney Company CEO would go on to say that to help achieve its massive $5.5 billion cost-cutting plan across the company that, “to help achieve this will be reducing our workforce by approximately 7000 jobs, while this is necessary to address the challenges we are facing today, I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide and am mindful of the personal impact of these changes.”

Yesterday, Bloomberg reported that they are planning another major round of layoffs, which could begin as early as next week.

Bob Iger
Credit: Qilai Shen/Bloomberg

Related: Will Incoming Layoffs and Budget Cuts Affect Disney World?

The job cut round is expected to be Disney’s most extensive elimination. The report would go on to state that it will include about 15% of the staff in its entertainment division. In addition, the layoffs could span TV, film, theme parks, and corporate positions and affect every region where Disney operates. Some affected Cast Members could be notified as early as April 24.

In Disney CEO Bob Iger’s defense, this is partially why he was asked to return to the company. When he was asked to take back the CEO post, investors and aDisney’sy’s board of directors were looking for ways for the company to become more efficient, given the new economic reality. Unfortunately, eliminating thousands of Cast Members was one of the actions needed to execute that goal.

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