Disney plans layoffs of 1000 employees
It's reported that Disney’s stock was down in afternoon trading after the rumours were published last week.
Disney is planning to begin its next phase of cost cutting with up to 1000 layoffs, it has been reported by The Wall Street Journal.
New CEO Josh D’Amaro was appointed in March, and immediately took measures to cut costs.
The new round of job losses are expected to happen in the coming weeks, and will mostly be in Disney’s marketing department, according to a source who spoke to The Wall Street Journal.
Asad Ayaz, who was named chief marketing and brand officer in January, recently made a first round of redundancies when he began.
CNBC reports that Disney’s stock was down in afternoon trading on Thursday last week (US time) when the WSJ story was published.
D’Amaro, who previously was chairman of Disney Experiences, was appointed after a period of uncertainty for Disney.
On D’Amaro’s first official day as CEO in March, he noted the work out-going CEO Bob Iger had achieved to get the company past one of its most difficult periods.
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“When Bob returned to the company a few years ago, his goal was to fortify our business and lay the groundwork for long-term growth, by reigniting creativity and improving performance at our studios, building a robust and profitable streaming business, transforming ESPN for a digital future, and turbocharging our parks and experiences,” D’Amaro said on stage at the company’s investor day.
“We’ve accomplished all of those things, and we’re operating from a place of strength, with ample opportunity for growth.”
