Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

Get Woke, Go Broke: Disney to Begin Mass Layoffs and Freeze Hiring as Part of a Massive Cost-Cutting Initiative

by November 12, 2022
November 12, 2022
Get Woke, Go Broke: Disney to Begin Mass Layoffs and Freeze Hiring as Part of a Massive Cost-Cutting Initiative

According to an internal memo addressed to Disney’s executives on Friday, the woke firm would soon begin enforcing layoffs, implementing a targeted hiring freeze, and limiting business travel to essential only as part of a wide cost-cutting initiative, CNBC reported.

“I am fully aware this will be a difficult process for many of you and your teams.” Disney CEO Bob Chapek wrote in a memo to top executives.

“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. Our company has weathered many challenges during our 100-year history, and I have no doubt we will achieve our goals and create a more nimble company better suited to the environment of tomorrow.”

In the letter, Chapek explains how he convened a cost structure taskforce composed of executive officers such as CFO Christine McCarthy and General Counsel Horacio Gutierrez.

“Along with me, this team will make the critical big picture decisions necessary to achieve our objectives,” Chapek said.

In the memo, he outlined the following three objectives:

to review the company’s content and marketing spending by working with content leaders and their teams.
limiting headcount additions through a targeted hiring freeze
review Selling, General, and Administrative expenses (SG&A) costs

CNBC reported:

The moves come after Disney reported disappointing quarterly results. Shares of the company fell sharply Wednesday, hitting a new 52-week low, before rebounding later in the week.

McCarthy said during Disney’s earnings call Tuesday that the company was looking for ways to trim costs.

“We are actively evaluating our cost base currently, and we’re looking for meaningful efficiencies,” she said. “Some of those are going to provide some near-term savings, and others are going to drive longer-term structural benefits.”

Disney’s streaming services lost $1.47 billion last quarter, more than double the unit’s loss from a year prior. McCarthy said losses will improve in 2023, and Chapek has promised streaming will become profitable by the end of 2024.

Other large media and entertainment companies, including Warner Bros. Discovery and Netflix, have cut jobs this year as valuations have slumped. Disney hasn’t announced any plans to eliminate jobs.

Below is the full transcript of Chapek’s memo:

Disney Leaders-

As we begin fiscal 2023, I want to communicate with you directly about the cost management efforts Christine McCarthy and I referenced on this week’s earnings call. These efforts will help us to both achieve the important goal of reaching profitability for Disney+ in fiscal 2024 and make us a more efficient and nimble company overall. This work is occurring against a backdrop of economic uncertainty that all companies and our industry are contending with.

While certain macroeconomic factors are out of our control, meeting these goals requires all of us to continue doing our part to manage the things we can control—most notably, our costs. You all will have critical roles to play in this effort, and as senior leaders, I know you will get it done.

To be clear, I am confident in our ability to reach the targets we have set, and in this management team to get us there.

To help guide us on this journey, I have established a cost structure taskforce of executive officers: our CFO, Christine McCarthy and General Counsel, Horacio Gutierrez. Along with me, this team will make the critical big picture decisions necessary to achieve our objectives.

We are not starting this work from scratch and have already set several next steps—which I wanted you to hear about directly from me.

First, we have undertaken a rigorous review of the company’s content and marketing spending working with our content leaders and their teams. While we will not sacrifice quality or the strength of our unrivaled synergy machine, we must ensure our investments are both efficient and come with tangible benefits to both audiences and the company.

Second, we are 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.

Third, we are reviewing our SG&A costs and have determined that there is room for improved efficiency—as well as an opportunity to transform the organization to be more nimble. The taskforce will drive this work in partnership with segment teams to achieve both savings and organizational enhancements. 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. In the immediate term, business travel should now be limited to essential trips only. In-person work sessions or offsites requiring travel will need advance approval and review from a member of your executive team (i.e., direct report of the segment chairman or corporate executive officer). As much as possible, these meetings should be conducted virtually. Attendance at conferences and other external events will also be restricted and require approvals from a member of your executive team.

Our transformation is designed to ensure we thrive not just today, but well into the future—and you will hear more from our taskforce in the weeks and months ahead.

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. Our company has weathered many challenges during our 100-year history, and I have no doubt we will achieve our goals and create a more nimble company better suited to the environment of tomorrow.

Thank you again for your leadership.

-Bob

The post Get Woke, Go Broke: Disney to Begin Mass Layoffs and Freeze Hiring as Part of a Massive Cost-Cutting Initiative appeared first on The Gateway Pundit.

0
FacebookTwitterGoogle +Pinterest
previous post
Week Ahead: Protect Profits As NIFTY Continues To Surge; This Sector Generates Highest Alpha In Recent Times
next post
BRAZIL UPDATE – Massive Gatherings Continue as People Protest the Socialists Stealing Their Election, Livelihoods, Freedom and Country

You may also like

John Fetterman reveals how he’ll vote on Trump’s...

February 7, 2025

Trump’s ‘shock and awe’: Forget first 100 days,...

January 23, 2025

MILLIONS OF BRAZILIANS Call for Army to Save...

December 1, 2022

Gaza aid from US, others falling short as...

March 15, 2024

“Brazilian Military is Just Waiting for Bolsonaro to...

November 22, 2022

‘You Want to Come Up? You Don’t Have...

October 25, 2022

What is Joe Biden Hiding? Biden’s Office Concerned...

September 27, 2022

DeSantis on whether Biden’s up for another four...

June 2, 2023

Haley campaign lashes out at RNC, Ronna McDaniel...

January 26, 2024

Biden camp weighs joining TikTok to sway young...

November 18, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • House Dems urge GOP to condemn DHS for handcuffing Rep Nadler staffer, order Noem to testify

      June 3, 2025
    • EXCLUSIVE: Comer hails DOJ’s Biden probe as House investigation heats up

      June 3, 2025
    • Trump reaffirms hard-line on Iran nuclear deal: ‘will not allow any enrichment of uranium’

      June 3, 2025
    • Trump criticizes Rand Paul over tax bill opposition: ‘Votes no on everything’

      June 3, 2025
    • HHS ends Biden-era COVID-19 testing program that bled taxpayers years after pandemic

      June 3, 2025
    • The FTC Event that Wasn’t: The Attention Economy Workshop Misses an Opportunity for Meaningful Discussion

      June 3, 2025

    Categories

    • Business (8,129)
    • Investing (2,003)
    • Politics (15,490)
    • Stocks (3,122)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved