Disney plans targeted hiring freeze and job cuts, according to memo

Disney Leaders-

As we statesman fiscal 2023, I privation to pass with you straight astir the outgo absorption efforts Christine McCarthy and I referenced connected this week's net call. These efforts volition assistance america to some execute the important extremity of reaching profitability for Disney+ successful fiscal 2024 and marque america a much businesslike and nimble institution overall. This enactment is occurring against a backdrop of economical uncertainty that each companies and our manufacture are contending with.

While definite macroeconomic factors are retired of our control, gathering these goals requires each of america to proceed doing our portion to negociate the things we tin control—most notably, our costs. You each volition person captious roles to play successful this effort, and arsenic elder leaders, I cognize you volition get it done.

To beryllium clear, I americium assured successful our quality to scope the targets we person set, and successful this absorption squad to get america there.

To assistance usher america connected this journey, I person established a outgo operation taskforce of enforcement officers: our CFO, Christine McCarthy and General Counsel, Horacio Gutierrez. Along with me, this squad volition marque the captious large representation decisions indispensable to execute our objectives.

We are not starting this enactment from scratch and person already acceptable respective adjacent steps—which I wanted you to perceive astir straight from me.

First, we person undertaken a rigorous reappraisal of the company's contented and selling spending moving with our contented leaders and their teams. While we volition not sacrifice prime oregon the spot of our unrivaled synergy machine, we indispensable guarantee our investments are some businesslike and travel with tangible benefits to some audiences and the company.

Second, we are limiting headcount additions done a targeted hiring freeze. Hiring for the tiny subset of the astir critical, business-driving positions volition continue, but each different roles are connected hold. Your conception leaders and HR teams person much circumstantial details connected however this volition use to your teams.

Third, we are reviewing our SG&A costs and person determined that determination is country for improved efficiency—as good arsenic an accidental to alteration the enactment to beryllium much nimble. The taskforce volition thrust this enactment successful concern with conception teams to execute some savings and organizational enhancements. As we enactment done this valuation process, we volition look astatine each avenue of operations and labour to find savings, and we bash expect immoderate unit reductions arsenic portion of this review. In the contiguous term, concern question should present beryllium constricted to indispensable trips only. In-person enactment sessions oregon offsites requiring question volition request beforehand support and reappraisal from a subordinate of your enforcement squad (i.e., nonstop study of the conception president oregon firm enforcement officer). As overmuch arsenic possible, these meetings should beryllium conducted virtually. Attendance astatine conferences and different outer events volition besides beryllium restricted and necessitate approvals from a subordinate of your enforcement team.

Our translation is designed to guarantee we thrive not conscionable today, but good into the future—and you volition perceive much from our taskforce successful the weeks and months ahead.

I americium afloat alert this volition beryllium a hard process for galore of you and your teams. We are going to person to marque pugnacious and uncomfortable decisions. But that is conscionable what enactment requires, and I convey you successful beforehand for stepping up during this important time. Our institution has weathered galore challenges during our 100-year history, and I person nary uncertainty we volition execute our goals and make a much nimble institution amended suited to the situation of tomorrow.

Thank you again for your leadership.

-Bob