Disney’s president says layoffs ‘extremely painful’ but necessary

The Walt Disney Company's president, Dana Walden, announced on Thursday that the company had laid off more than 300 employees, primarily from human resources and information technology, in a recent round of cost-cutting measures. Walden described the layoffs as "extremely painful" but necessary for Disney's survival amid fierce competition in streaming and advances in AI tools, which provide cheaper production alternatives.

The company had previously eliminated around 1,000 positions in April, primarily from its marketing group, following the appointment of new CEO Josh D'Amato. Walden also mentioned a voluntary retirement plan for executives, but it remains unclear if any employees used this option. The president emphasized the company's need to continually evaluate its structure and adapt to the changing technology landscape to survive and thrive. Disney did not respond to a request for comment.