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Disney To Slash Global Payroll With 7,000 Job Cuts

Disney is cutting a big chunk of its global workforce of about 220,000 with the goal of saving $5.5 billion. So reports CNN.

disney mickey 1185754 1920The cuts will amount to about 7,000 jobs being eliminated as the media and entertainment giant works on streamlining its operations. “While this is necessary to address the challenges we're facing today, I do not make this decision lightly,” CEO Bob Iger said. “I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I'm mindful of the personal impact of these changes.”

Iger came back to lead Disney again in November after the board fired his successor, Bob Chapek. The job cuts will enable the company to resume dividend payments, which it had halted during the pandemic.

“Now that the pandemic impacts to our business are largely behind us, we intend to ask the board to approve the reinstatement of a dividend by the end of the calendar year,” Iger said. “Our cost-cutting initiatives will make this possible. And while initially, it will be a modest dividend, we hope to build upon it over time.”

Read the full article from CNN.

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