Disney may not be the happiest place on Earth as the calendar year comes to a close. Multiple outlets have obtained an internal memo from the company’s CEO, Bob Chapek, that warns employees about a “targeted hiring freeze” and cost cuts.
“We are limiting headcount additions through a targeted hiring freeze,” Disney CEO Bob Chapek wrote, according to MSNBC.
“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.”
As the memo continued, it appears that Chapek has also warned his workforce of potential layoffs. However, Chapek did not indicate when these layoffs may take place.
“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,” Disney CEO Bob Chapek added.
To address these matters, Chapek has indicated that travel will be limited and “a cost structure taskforce” would be created. The panel will be led by Chief Financial Officer Christine McCarthy, General Counsel Horacio Gutierrez and Chapek.
“I am fully aware this will be a difficult process for many of you and your teams,” Disney CEO Bob Chapek stated.
“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.”
