It’s been a long week for employees of The Walt Disney Company–especially those who are feeling the biggest impact of Disney’s massive wave of layoffs and new restructuring. For those who remain in their jobs, going to work looks very different.
On Wednesday, Disney CEO Bob Iger hosted The Walt Disney Company’s 2023 fiscal first quarter earnings call. It’s the first one Iger has hosted since November 2019, just before he announced his immediate resignation in February 2020. And while Disney’s financial picture beat Wall Street analysts’ projections–and was far better than the picture presented by then-CEO Bob Chapek in November 2022–Iger followed his financial report with several announcements that shocked some and angered others.
For starters, Iger made it clear that costs at the House of Mouse must be reined in as he announced a plan to reduce those costs in an effort to save the company more than $5 billion–effective immediately. Part of his plan to cut costs includes laying off some 7,000 employees–a move that Disney Parks President Josh D’Amaro says will definitely be felt across the company, including Disney World and Disneyland.
Iger also announced a major restructuring of the company, which splits it into three sections: Disney Entertainment, ESPN, and Disney Parks, Products, and Experiences. Variety says it best:
“Under the new structure, TV chief Dana Walden and film studio head Alan Bergman will be running Disney Entertainment, which combines all of Disney’s TV, film, and streaming divisions. While they are overseeing content specific to their designated brands, they will together be responsible for the streaming strategy for Disney+ and Hulu. Michael Paull continues to oversee business and ops at Disney+ and Hulu, reporting to Bergman and Walden, while Joe Earley remains president of Hulu and Alisa Bowen president of Disney+, with both reporting to Paull.
Walden and Bergman will be in charge of international content and operations, alongside Pitaro for sports, prompting international chief Rebecca Campbell’s decision to exit her role. “An esteemed leader and longtime industry veteran, Campbell will stay on through June to help with the transition,” Disney said in a statement. Iger added in his own memo to staff, “She has been a truly valuable and trusted leader throughout her time here, and I am grateful for her innumerable contributions to this company.”
