(Daily Mail) Walt Disney Company on Monday began 7,000 layoffs announced earlier this year, as CEO Bob Iger works to save the company some $5.5 billion, in a letter sent to employees Monday.
Several major divisions of the company – Disney Entertainment, Disney Parks, Experiences and Products, and corporate – will be impacted, according to a person familiar with the matter. The layoffs will also affect Disney workers across the globe, and not just in the United States.
Iger had previously announced the layoffs throughout the company after he took back over as CEO in November.Â
The cuts come after the company reported profits of $23.51 billion, which exceeded analysts’ expectations of $23.44 billion. The company’s stock price has sunk over 30 percent in the past year, as the company faces controversy over previous CEO Bob Chapek’s disastrous wading into the culture wars.
In addition, the House of Mouse took a huge publicity blow as Ron DeSantis officially took control of Disney’s Reedy Creek Improvement district in his war with the ‘corporate kingdom’ in a move that will give him the power to select the board and force them to pay $700 million in taxes and debts.Â
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Iger said Disney would begin notifying the first group of employees who are impacted by the workforce reductions over the next four days.
A second, larger round of job cuts will happen in April, ‘with several thousand more staff reductions.’ The final round will start before the beginning of the summer, the letter said.
