Disney CEO Bob Iger has warned that 7,000 layoffs will occur three times starting this week.
According to CNBC on the 27th (local time), Iger said in a memo to employees that notice will begin this week as part of a restructuring announced by management last month.
Iger said the restructuring was just the first step, and that a second, larger notice involving thousands of people would come in April. The third and final restructuring is expected to take place in the summer.
Iger predicted that once the three rounds of layoffs are complete, Disney will reach its goal of cutting 7,000 jobs. Describing the downsizing process, Iger said he would like to thank the employees being laid off “for their great contributions and dedication.”
“We do not take lightly the difficult reality of many of our colleagues and friends leaving Disney,” he said. “This company is home to some of the most talented and dedicated employees in the world, and that is part of what makes working at Disney so special,” he said.
“It also makes it harder to say goodbye to the wonderful people we care about.”
For those employees who are determined to stay, he emphasized, “There will undoubtedly be challenges moving forward as we continue to build the structures and capabilities that will allow us to succeed.”
“In these difficult times, we must always do what is necessary to ensure that Disney can continue to provide exceptional entertainment to audiences and guests around the world,” Iger said.
Meanwhile, Iger, who returned as Disney CEO after just 11 months, announced in February that Disney would lay off 7,000 workers as part of a $5.5 billion cost-cutting plan.
At the time, he spoke of the strategy of restructuring Disney into three core businesses as “a way to better position itself to navigate future turmoil and global economic challenges.”
/ Fortune Korea Reporter Gong In-ho ball@fortunekorea.co.kr
