Disney Executives Admit Restructuring Will Likely Continue Amid Market Pressures
The Walt Disney Company has experienced three rounds of layoffs in the past year, with the most recent round affecting hundreds of employees. In an interview on Bloomberg, President Dana Walden described the layoffs as 'extremely painful' and acknowledged that they have let go of colleagues she has worked with nearly her entire career.
The company is undergoing restructuring efforts to save money and cut costs under CEO Josh D'Amaro's leadership. Walden noted that in their industry, it is essential to reevaluate how you are structured, just like competitors do. She mentioned the example of Fox teams, which originally ran their own individual businesses but were later centralized as the business evolved.
Walden praised Disney CEO Josh D'Amaro and head of HR Sonja Coleman for implementing a voluntary retirement program in this latest round of layoffs, allowing long-tenured executives to make their own decisions about whether it was the right time to leave or stay. She emphasized that technology has set its sights on Disney's business, and they must adapt to survive and thrive.
When asked if there would be more layoffs as part of restructuring each year, Walden replied, 'I think in our industry, the answer is yes.'