The Walt Disney Co.’s planned job cuts are expected to begin this week, the first of three rounds that will slash 7,000 jobs from the company’s workforce, CNBC reported.
Disney CEO Bob Iger sent a memo, obtained by the publication, explaining that the company will 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,” the memo said.
“In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now and long into the future. Please know that our HR partners and leaders are committed to creating a supportive and smooth process every step of the way,” the memo said.
Iger initially announced the news of the layoffs on Feb. 8. The loss of 7,000 jobs would represent a 3% reduction of the company workforce. The layoff news came as Disney enacted a company-wide plan to reduce costs by $5.5 billion.
All company divisions, including theme parks, are expected to be impacted by the planned labor reduction. The company’s theme park division includes the Disneyland Resort, Walt Disney World in Orlando, Florida, Disney cruise lines, and its international parks.
Officials haven’t specified which Disney theme parks would be affected by the job cuts.
Deadline previously reported that another wave of job cuts would happen in late April.
The April job cut wave was described as the “big one” or a “bloodbath,” because that’s when a large number of people would be laid off.
In addition to the planned job cuts, Disney has also instituted a hiring freeze, which was implemented under previous CEO Bob Chapek following a dismal earnings report.
When Iger returned to his old position as Disney’s top executive, he announced during a town hall meeting that the freeze would remain in place.
Disney is expected to host its annual shareholders’ meeting on April 3.