Disney Plans Layoffs, “Rigorous Review” Of Spending, & Hiring Freeze; “Tough & Uncomfortable Decisions” Coming, CEO Bob Chapek Tells Staff
Read Bob Chapek’s memo to staff here:As we begin fiscal 2023, I want to communicate with you directly about the cost management efforts Christine McCarthy and I referenced on this week’s earnings call. These efforts will help us to both achieve the important goal of reaching profitability for Disney+ in fiscal 2024 and make us a more efficient and nimble company overall. This work is occurring against a backdrop of economic uncertainty that all companies and our industry are contending with.
To be clear, I am confident in our ability to reach the targets we have set, and in this management team to get us there. We are not starting this work from scratch and have already set several next steps—which I wanted you to hear about directly from me. Second, we are limiting headcount additions through a targeted hiring freeze. Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams.
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