Disney Planning To Cut Staff And Stop Hiring As Revenue Declines

Disney reportedly planned to decrease its employees and stop hiring as a result of the slow revenue growth. Disney CEO Bob Chapek reportedly sent an internal document that was leaked and obtained by a media agency, stating that the business is "limiting headcount additions through a targeted hiring freeze".

"Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams", He wrote.

At Disney, about 190,000 people are employed.

Chapek stated, "As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review,"

Additionally, he advised executives to limit their business travel. There should be as many virtual meetings as feasible.

The business also intended to establish "a cost structure taskforce". Chapek said, "I am fully aware this will be a difficult process for many of you and your teams,"

"We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time"  he continued .

After the company revealed disappointing quarterly results, measures were taken.

The Walt Disney Company had a global revenue decline of 18% to $1.1 billion and an operating income decline of 18% to $0.1 billion as a result of lower average viewership, particularly in India where there was no cricket in the September quarter.