Disney president calls layoffs ‘extremely painful’ amid cost-cutting push
LOS ANGELES, Oct 2 — The Walt Disney Company’s President Dana Walden said on Thursday that the company&rsquo...
Disney President Dana Walden described the company's recent layoffs as "extremely painful" during a Bloomberg Screentime conference in Los Angeles on Thursday. The cost-cutting measures come as Disney faces intense competition in streaming and as advances in AI tools have become a cheaper alternative for production, according to the source.
Over 300 employees, primarily from human resources and information technology, were let go on Tuesday. The layoffs follow Disney's April elimination of around 1,000 positions, mainly in marketing, following the arrival of new CEO Josh D'Amaro. Walden mentioned that the company had also offered executives the option to voluntarily retire as part of a retirement plan.
The company is continually evaluating its structure in the face of technological competition, and Walden emphasized Disney's commitment to survival, growth, and thriving. Disney has not yet responded to a request for comment from AFP.
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