Walt Disney begins job cuts; 7,000 employees at risk

As a key part of the $5.5 billion savings drive, Walt Disney, has now begun cutting jobs and is expected to cut around 7,000 job cuts. The company had made the downsizing announcement in February this year.

Disney CEO Bob Iger in a memo on Monday has said that the first group of employees to be let go will be notified over the next four days. Second round, which is expected to be a larger one will happen in April. The last batch of the employees to be laid off will be informed before summer.

Iger has laid out plans to improve the financial conditions of the company. In the first round of job reduction included two senior vice presidents who led production at Hulu and the Freeform network, respectively.

As per Business Standard, Iger is doing away with an organizational structure that put distribution executives over the company’s TV and movie businesses. He has given more power to creative leaders such as Dana Walden, who heads the TV business, and Alan Bergman, who runs the film studios.