Disney Offers Early Retirement Packages to Executives Amid Ongoing Layoffs
Walt Disney Co. has announced an early retirement offer to certain executives as part of its ongoing efforts to reduce costs across the company.
The 'Voluntary Early Retirement Opportunity' program is a time-limited, company-sponsored initiative that allows eligible executives to retire now with a sweetened retirement package of pay and benefits.
The move comes amid ongoing layoffs at Disney, including 1,000 roles eliminated in April and hundreds more cut in July. In a letter to investors, CEO Josh D'Amaro and CFO Hugh Johnston stated the company is 'highly focused on reducing costs' and evaluating various levers to achieve this goal.
The early retirement offer is not accompanied by a specific number of employees who will be offered the opportunity, although Coleman noted that after the time-limited offer expires, remaining organizational needs would be addressed through the standard reduction-in-force process.