The Walt Disney Co. is set to eliminate around 1,000 jobs, as announced by new CEO Josh D'Amaro in a staff memo. The layoffs will affect several divisions, including studios, TV, ESPN, and the newly formed unified marketing organisation.
The layoffs crisis has massively hit The Walt Disney Co. New CEO Josh D'Amaro, only a month into the job, has informed staff of the cuts in a memo, as per The Hollywood Reporter. Around 1,000 jobs are expected to be eliminated.
Widespread Cuts Across Departments
The company is expected to make job cuts across several divisions, including the unified marketing organisation led by Asad Ayaz (announced by Disney in January), as well as its studios, TV businesses, ESPN, product and technology, and some corporate functions.
The unified marketing structure brought all of Disney's sprawling marketing apparatus, from films, TV and ESPN to streaming and theme parks, into one group.
Memo Outlines Rationale for Restructuring
The company is said to be shifting more resources to other strategic priorities, especially given the rapid changes facing the entertainment business.
"Over the past several months, we have looked at ways in which we can streamline our operations in various parts of the company to ensure we deliver the world-class creativity and innovation our fans value and expect from Disney," D'Amaro wrote in his memo.
"Given the fast-moving pace of our industries, this requires us to constantly assess how to foster a more agile and technologically-enabled workforce to meet tomorrow's needs. As a result, we will be eliminating roles in some parts of the company and have begun notifying impacted employees," the memo read.
Leadership Transition
D'Amaro was named the next CEO of Disney in February and officially succeeded Bob Iger last month.
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