Disney will slash 7,000 jobs in three rounds of layoffs, starting this week. Chief Executive Bob Iger says cuts will finish before summer.
for “self-inflicted” wounds, including poor succession planning and the costly acquisition of 21st Century Fox.Here’s Iger’s full memo:
This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions. 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.
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