San Francisco (The Hawk): Disney apparently planned to decrease its employees and stop hiring as a result of the weak revenue growth.
Disney CEO Bob Chapek allegedly sent an internal document that was leaked and obtained by CNBC, stating that the business is "reducing staff additions through a targeted hiring freeze."
"All other posts are on pause, but a select subset of the most important, business-driving positions will continue to be filled. More information on how this may affect your teams is available from your segment leaders and HR teams "He wrote in.
At Disney, about 190,000 people are employed.
In order to save money, Chapek stated, "we will examine every possible area of operations and labour. We do anticipate some employee layoffs as part of this study.
Additionally, he counselled leaders to limit their work travel. There should be as many virtual meetings as feasible.
The business also intended to establish "a cost structure taskforce."
Chapek said, "I completely realise this will be a painful process for many of you and your teams."
According to Chapek, the business will turn a profit by the end of 2024.
"We're going to have to make some difficult choices. But it is just what leadership requires, and I sincerely appreciate you stepping up at this crucial time "Added he.
After the corporation revealed dismal quarterly results, the following 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 third quarter.
(Inputs from Agencies)