Disney is launching the first of three rounds of layoffs, aimed at cutting 7,000 jobs, starting this week. This was confirmed by CEO Bob Iger, in a letter sent to employees.
The cuts should be considered as part of a plan aimed at reducing expenses and increasing the cash flow of the American giant.
The plan, announced by Disney last month, aims to reduce costs by $5.5 billion.
“This week, we will begin informing employees of those positions that are affected by the company’s workforce reduction – Iger wrote in a memo addressed to employees – The top management will communicate the news directly to the first group of workers who will be affected by the measure in course of the next few days. A second round of notifications will take place in April, with several thousand cuts”.
Disney CEO Bob Iger added that the final and third rounds of layoffs will kick in before early summer, aiming to slash a combined workforce of 7,000.