According to a recent Bloomberg story, Disney plans to let off as many as 15,000 personnel from its entertainment division next week.
Two months ago, Disney CEO Bob Iger said that 7,000 people will be let go as part of a “strategic realignment” to save expenses. The entertainment section, which includes the company’s TV, movie, theme park, and business departments, will be hit hard by the layoffs. On Monday, some employees will be laid off.
Earlier this month, Iger warned employees, “For our employees who aren’t affected, I want to acknowledge that there will be challenges ahead as we continue building the structures and functions that will help us be successful in the future.” When times are tough, we must always do what needs to be done so that Disney can continue to provide excellent entertainment to people all around the world for many years to come.
Jobs are being eliminated in the company’s entertainment division as CEO Bob Iger focuses on franchise properties and established brands. He elevated longtime employees Alan Bergman and Dana Walden to co-chairs of Disney Entertainment, a new division established this year as a consequence of a restructure.
Disney is also revamping its financial department to foster closer cooperation between those responsible for Disney Entertainment and ESPN finances. According to a letter obtained by Business Insider, Bryan Castellani will be responsible for the financial operations of the two divisions while reporting to Disney CFO Christine McCarthy.
I have faith that we are forming a team that is increasingly cohesive and productive. This is important for the efficient operation of our operations and the fulfillment of our organizational missions. Help me show my support for the leaders who are stepping into bigger roles. McCarthy promised in his letter that he and the other team leader will soon share additional details about their operations. I realize that change often involves tough decisions, discussions, and data, but I also know that they are necessary for the company’s long-term success. There is much still to do, but I am appreciative of your dedication, tenacity, and success thus far.
Disney’s board of directors removed Bob Chapek in November 2022 because of the company’s poor financial performance while he was CEO after Iger appointed him in February 2020. When Jobs left, Iger became CEO. The stock price has decreased 17% in the past year, and many other large entertainment and technology businesses have had to lay off a large number of employees as a result.
After Chapek and other Disney executives got the corporation embroiled in the contentious “culture war” debates last year, some customers lost faith in the firm. Disney has spoken out against a parental rights bill in Florida that would prohibit teaching about sexual orientation and gender identity to children in grades kindergarten through third. According to a poll conducted exclusively for The Daily Wire, 64% of Americans are in favor of the bill. This includes 62% of Democrats and 57% of independents.
When Iger returned, he expressed regret for the firm’s stance against the policy and vowed that future corporate decisions would be made after thorough consideration of user feedback. He shared his uncertainty about the dispute’s impact on the company with his staff, saying, “It made me sad that we were pulled into that fight.” I think it’s fair to say that Florida and Floridians have both been vital to our success for quite some time.