Disney plans to start a “targeted hiring freeze” and make job cuts, according to a memo sent to company executives. The move comes after the company’s disappointing quarterly earnings report earlier this week. In an internal memo, CEO Bob Chapek said the company will limit headcount additions through a “targeted hiring freeze” and put hiring for other roles on hold. No official job cuts were announced, however.
The memo was written by Disney CEO Bob Chapek and circulated among Disney executives. It revealed that the company will be reducing its workforce as part of its ongoing cost-cutting efforts. The cuts will affect the company’s theme parks, new construction projects, and theme park maintenance. But if the company continues to reduce its workforce, it could weaken the overall theme park experience. The cuts will not be the only impact of the company’s recent financial woes.
Disney’s latest quarter results were a big disappointment to investors, and the company’s stock fell sharply on Wednesday. Disney CEO Bob Chapek announced that the company would cut expenses across the board and make targeted hiring freezes. The company has been struggling to make money for years, and it’s now looking for ways to reduce costs. It has a target date of 2024 for the streaming service to become profitable, but the results are not encouraging.
In addition to the targeted hiring freeze, Disney has also made other changes to its business model. For example, executives have ordered business travel restrictions and remote meetings. They also have banned Disney employees from attending conferences without prior approval. The company’s executives blame the lower media revenue on higher content, acquisition, and marketing costs.
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