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Disney CEO Bob Iger confirmed that the company will be implementing three waves of layoffs this spring. In an internal memo addressed to employees, Iger stated that the decision was made in order to streamline the company in the face of growing economic challenges.
The memo reveals that Disney aims to eliminate approximately 7,000 jobs, which equates to around three-percent of its total workforce.
"Difficult Reality" for Disney Employees
In the memo obtained by Variety, Iger expressed his heavy heart regarding the situation, stating, "The difficult reality of many colleagues and friends leaving Disney is not something we take lightly.
This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here." He continued, "That's part of what makes working at Disney so special.
It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company." Iger went on to acknowledge the employees who will be affected by the cost-cutting measures.
The first wave of layoffs is set to take place this week, followed by the largest round at some point in April. The executive then confirmed that a third wave of layoffs will occur before summer, bringing the total number of job losses to the targeted 7,000.
In the memo, Iger addressed the remaining employees, stating, "For our employees who aren't impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward.
I ask for your continued understanding and collaboration during this time." The CEO concluded by emphasizing the importance of ensuring Disney's ability to deliver exceptional entertainment to audiences and guests worldwide, both now and in the future.
He assured that the company's human resources partners and leaders are committed to creating a supportive and seamless process throughout the transition.