CEO Iger’s Major Revamp: Disney to Lay Off 7000 Workers and Slash $5.5 Billion in Costs

In a major revamp by CEO Bob Iger, The Walt Disney Company announced on Tuesday that it will lay off 7,000 workers, as part of efforts to cut costs and restructure the company.

The restructuring plan, which includes slashing $5.5 billion in costs, will affect both Disney’s parks and its media networks. The job cuts are expected to save the company around $2.5 billion a year.

In response to the announcement, Neuberger Berman’s Kevin McCarthy said that Iger needs to address three things on the company’s earnings call: how the restructuring plan will help improve Disney’s competitive position, how it will affect the company’s financials, and how Disney will be able to continue to create content that is appealing to consumers.

The news of the layoffs has been met with mixed reactions from the public, with some expressing sympathy for the workers who will lose their jobs, while others are cautiously optimistic that the restructuring plan will help Disney remain competitive in the years to come.

Disney has yet to provide details on the specifics of the restructuring plan, and it remains to be seen how it will affect the company’s operations and financials.