Disney Offers Early Retirement Packages as Part of Ongoing Cost-Cutting Efforts

Walt Disney Co. is cutting costs by offering early retirement packages to certain executives as part of its ongoing efforts to reduce staff and improve financial performance.

The company's 'Voluntary Early Retirement Opportunity' program allows eligible executives to retire with a sweetened package of pay and benefits that recognizes their service and contributions.

The move follows previous layoffs, including the elimination of 1,000 roles in April and hundreds more in July. Disney reported net income of $2.64 billion in its third fiscal quarter, down 49.8% from a year ago, on revenue of $25.25 billion, a 7% jump over the same period.

Disney CEO Josh D'Amaro and CFO Hugh Johnston told investors that more cost-cutting measures are likely to follow, including reductions in labor and selling, general and administrative expenses.