Disney president says layoffs 'extremely painful' but necessary

On Thursday, Dana Walden, President of The Walt Disney Company, addressed a conference in Los Angeles and revealed that the company had laid off more than 300 employees, primarily from human resources and information technology. Walden described the layoffs as "extremely painful" but necessary for the company's survival.

The company has been undergoing multiple rounds of cost-cutting measures in recent years to combat intense competition in the streaming industry. Additionally, advancements in AI tools have provided a cheaper alternative for production, making it harder for the billion-dollar company to maintain its workforce.

Walden explained that several colleagues with whom she had worked for most of her career were among those laid off, emphasizing that it was a harsh reality. She added, "It is extremely painful."

Earlier in April, Disney had eliminated around 1,000 positions, mainly in its marketing group, following the appointment of new CEO Josh D'Amaro. Walden mentioned that the company had also provided an opportunity to a group of executives to decide whether to leave or stay through a voluntary retirement plan. It is unclear if the latest wave of layoffs utilized this initiative.

Walden highlighted the need for companies to constantly evaluate their structure and adapt to the ever-changing technology landscape where competitors are targeting their businesses. She concluded by stating that Disney, along with its competitors in the technology industry, is determined to "survive and thrive and grow."