Disney executives are being directed to identify thousands of layoff candidates by April as CEO Bob Iger targets $5.5 billion in spending cuts
Bob Iger is on a push for profitability at Disney and announced plans to cut 7,000 positions.Layoffs will impact about 4,000 employees, with the rest of the cuts coming from open roles.
Over the past two weeks Disney managers have been given targets to reduce their budgets along with headcount, according to a person familiar with the company. Disney bean counters have been looking carefully across the company in an attempt to find redundancies and eliminate executives where they can. Executives have been directed to prepare budget cuts and lists of employees to be laid off, and this person believes the news will come down in April, as managers have been told to turn in their lists in the next few weeks.
CEO Bob Iger had announced his plans to collapse the centralized content and distribution unit DMED on his first day back at the company in November. He further announced plans to on the company's February earnings call. At least 4,000 of those cuts will come from current headcount, with the rest from open positions, according to this person, who is familiar with what managers have been told. Disney Chief Financial Officer Christine McCarthy told investors on the earnings call that the company has targeted cost savings of $5.5 billion.
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