Disney president says layoffs ‘extremely painful’ but necessary
More than 300 people were laid off from Disney on Sept 29.
On October 1st, Disney President Dana Walden announced that the company had laid off over 300 employees due to "extremely painful" cost-cutting measures. These layoffs were a result of the intense competition in streaming and the emergence of artificial intelligence tools, which are cheaper alternatives for production. Walden described the process of letting go of colleagues she had worked with for most of her career as a "harsh reality."
The company had already cut around 1,000 positions in April, mostly in the marketing division, following the appointment of new CEO Josh D’Amaro. In addition to these layoffs, Disney offered executives the chance to choose whether to leave or stay through a voluntary retirement plan. Walden further explained that the company needed to continuously assess its structure and adapt to the evolving technology landscape in order to survive and grow. The Walt Disney Company did not provide further comment on the matter.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
