7 thousand employees laid off – Sanjevani
New York, Feb. 9- After the corona period, many famous companies of the world have already taken a step towards job reduction in the background of economic uncertainty at the global level. Meanwhile, Walt Disney, which is one of the world’s famous broadcasting companies, is also on the same path and has announced the decision to remove 7000 employees from the company. This is the third restructuring decision taken by the organization in the last five years.
Since taking over as the new CEO of Walt Disney, Bob Igar has been making several cost-cutting decisions. It has also announced the decision to lay off about 7,000 employees as part of an effort to save $5.5 billion in costs and make the transmission business profitable. The current layoff amounts to an estimated 3.6 percent of Walt Disney’s global workforce. As if it was a surprise, within a few hours of the announcement of job cuts, Walt Disney’s share price rose by 4.7 percent and currently has a value of 117.22 dollars. The move is said to address some criticism from investor Nelson Peltz that Mouse House is spending too much on streaming, including a promise to restore a dividend to shareholders.
We are committed to operating effectively in a particularly challenging environment. The current decision will result in cost reduction and streamlined approach to our operations. Distribution remains Disney’s top priority.
-Bob Iger, Walt Disney CEO