Disney layoffs will begin this week, CEO Bob Iger says in memo

[BumRushDaShow]

Source: CNBC

Disney will begin layoffs this week, the first of three rounds before the beginning of the summer that result in about 7,000 job cuts, according to a memo sent by Chief Executive Bob Iger.

The cuts are part of a broader effort to reduce corporate spending and boost free cash flow. Disney said last month it plans to cut $5.5 billion in costs, including $3 billion in content spend.

“This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions,” Iger wrote in the memo, which was obtained by CNBC. “Leaders will be communicating the news directly to the first group of impacted employees over the next four days. A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target.”

The layoffs were initially announced in February. The job cuts will be cross-company, hitting Disney’s media and distribution division, parks and resorts, and ESPN.

Read more: https://www.cnbc.com/2023/03/27/disney-layoffs-bob-iger-memo.html

[ForgoTheConsequence]

1. Great!

Disney net income for the twelve months ending December 31, 2022 was $3.320B, a 7.72% increase year-over-year. Disney annual net income for 2022 was $3.145B, a 57.64% increase from 2021.



You first Bob!

[aggiesal]

2. They're not making enough profits. I'll bet he doesn't cut his own pay!!! n/t

[jimfields33]

3. Even if he did cut his to zero, it would be 1 million saved.

[aggiesal]

4. How many positions could be save with that million? n/t

[jimfields33]

5. Maybe 5 depending on his taxes he pays out of it.

I don’t think he’ll work for free though.

[aggiesal]

6. Minimum wage is $15/Hr. That's $31,200/yr. ...

$1,000,000 / $31,200 = 32 jobs.

[jimfields33]

7. We don't have any idea if only minimum wage jobs are targeted.

In fact I’d say it’s more likely the one paid over 100K getting laid off.

[aggiesal]

12. You're probably right, but in my experience, I see layoffs @ all levels, starting at the bottom. n/t

[pnwmom]

9. Minimum wage in Florida is $11. Does Disney have a higher minimum? nt

[aggiesal]

11. California minimum wage is $15.50 and we have the original ''Happiest Place On Earth'' n/t

[pnwmom]

13. Maybe they should just pull out of Florida then.

Desantis all but asked them to.

[aggiesal]

15. There is a rumor that they are considering Georgia ...

I don't know if it's true.

https://forums.wdwmagic.com/threads/disney-park-in-georgia.883828/

[SouthernDem4ever]

18. It would be impossible for them to move out of Fla

The land and buildings alone would be prohibitive in cost to purchase/rebuild unless they just abandoned it all and started something different which I don't think they could handle financially. It's a nice fantasy though. They could, however do more to make the states voters aware of their displeasure with the weird politicians controlling the state. If they took up an adversarial position, maybe those morons would slow down their march to fascism.

[FBaggins]

16. Disney World's minimum is $15 nt

[TeamProg]

19. I think Disney in Fl is going from 15 to $18 min.

Pilots aren’t the only ones scoring double-digit wage hikes these days. After about eight months of negotiations, approximately 45,000 theme park workers and Disney World have agreed to a $3-an-hour bump in pay by the end of 2023 and raises of roughly 37% by 2026.



https://www.forbes.com/sites/suzannerowankelleher/2023/03/24/disney-world-workers-18-dollar-minimum-wage/?sh=48b51850164e

[cstanleytech]

10. Thats assuming Disney was not paying higher though which they could have been doing.

Thats not to say I agree with the cuts because cuts should not be happening unless the company was actually losing money as cuts otherwise are not the ethical or moral thing to do.

[Bengus81]

14. Don't believe those phony "base salary" as the full package

His total compensation will be $27 million. I don't care if it's stock or potato chips that he'll receive the fact is none of these CEO's work for a paltry $1M per year.

[Freethinker65]

8. How many of those job losses will be from Florida?

[Yavin4]

17. This is why you should never invest yourself emotionally into your job or your employer.

They're not your family. They're your employer. They hire you to perform a set of tasks and in return they pay you. That's it. When the company is not making enough profits, they will fire you. It's nothing personal. It's how things are done.

What you should do instead is always be focusing on building your skills and experience and, most importantly, build up your professional network. Your next job will probably come from someone you know or someone who knows of you.

Layoffs are part of life in America. You cannot avoid them no matter what you do.