by Ray Keating
News
DisneyBizJournal.com
March 28, 2023
The process of eliminating positions and cutting jobs at Disney has gotten under way this week. The larger share of staff reductions reportedly will be happening in April, with CEO Bob Iger saying in a company memo that the process of eliminating 7,000 positions will be completed by the start of summer.
Iger wrote in part:
“This week, we 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.”
Among the casualties, The Wall Street Journal reported that the Metaverse division at Disney set up by former CEO Bob Chapek in February 2022 has been shut down. The Journal noted that the 50 people in the division have been let go, with the division head, Mike White, staying at the company in a yet-to-be-announced position. The Journal also noted that another effort that White was involved in, i.e., setting up a membership division like Amazon Plus, has been terminated.
Also, The Hollywood Reporter highlighted some high profile names that have been let go:
“Among the notable staffers let go Monday are Jayne Bieber, senior vp production at Freeform/Onyx Collective; Mark Levenstein, head of production and postproduction at Hulu; and Elizabeth Newman, head of Disney’s acquisitions department. Sources note Newman’s entire acquisitions team has been dissolved, while Bieber and Levenstein’s production teams will be folded under Carol Turner, exec vp production at ABC Signature.”
Will the Disney theme parks remain untouched? Not likely. Reuters noted, “Josh D’Amaro, chair of Disney Parks, Experiences and Products, sent a memo to theme parks employees in February warning that the profitable division would experience cuts.”
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Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, and the Alliance of Saint Michael novels; and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.
The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?
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