The second round of job cuts at the Walt Disney Co. is expected to begin on Monday.
The April wave of job cuts, which has been described as the “big one” or a “bloodbath,” will result in 4,000 jobs being eliminated by the end of the week, Variety reported.
Disney CEO Bob Iger announced on Feb. 8 that 7,000 jobs, representing around 3% of the company’s workforce, would be slashed. The reduction comes as Disney enacts 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.
However, hourly frontline operations positions at the theme parks won’t be affected.
Disney is also expected to do a third and final wave of job cuts before the summer season begins, bringing the company to its 7,000-layoff goal.
More details about the specific departments and positions affected by the layoffs will be announced throughout the week, Variety reported. Several high-ranking employees were laid off during the company’s first round of layoffs.
- Isaac Perlmutter, the former Marvel Entertainment chairman
- Rob Steffens, the former co-president of Marvel Entertainment
- John Turitzin, the former chief counsel to Marvel Entertainment
- Jeffrey R. Epstein, the former vice president of corporate communications for Disney and spokesperson for Disney’s official fan club, D23
- Elizabeth Newman, the former vice president of Development and head of the Creative Acquisitions department for Disney Television Studios
- Mark Levenstein, the former head of post-production at Hulu
- Jayne Bieber, the former senior vice president of production management and operations at Freeform
- The entire Disney metaverse division, the Wall Street Journal reported.
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 earning 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.