Ever since Bob Iger took back the reins as Disney CEO, we’ve seen a lot of changes.
In an effort to get the company’s financial situation righted, Iger has announced policy changes, personnel updates, and even 7000 job cuts. We’ve seen waves of job cuts and layoffs for the past few months, but now we’ve got an announcement to share.
According to Variety, Disney has now completed its final round of job cuts. The last group of layoffs was completed on the Friday before Memorial Day weekend.
These layoffs focused most heavily on the media division of the company, and Disney’s goal was to have them completed by summertime. The first wave of layoffs came in March, followed by another in April, and then the final wave in May. This was a major cost-cutting initiative announced by Bob Iger back in February.
Iger’s goal for the Disney company is to achieve about $5.5 billion in savings. Of that number, about $2.5 billion represents “non-content costs” including labor costs. According to Variety, “Disney is aiming for an annualized reduction of $3 billion in non-sports content costs, expected to be realized over the next several years.”
We’ll keep you in the loop if any more job cuts are announced for Disney in the future, and we’ll let you know when CEO Bob Iger shares more of his plan to get the company back on its feet. Stay tuned to AllEars.
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