As the Walt Disney Company prepares for a massive first wave of layoffs this week, details have emerged regarding who will be the first executives to be let go from the company. The first layoffs appear to be a casualty of consolidation efforts within production operations across Disney TV Studios, Hulu, Freeform, and FX under the leadership of Carol Turner.
According to new reports from Deadline, Mark Levenstein, SVP Production for Hulu, and Jayne Bieber, SVP, Production Management & Operations for Freeform, are leaving as Turner, EVP and head of production for ABC Signature, is taking on an expanded role, with Network and Platform production for scripted television across Disney Entertainment getting consolidated under her. 20th Television EVP and head of production Nissa Diederich, and Nick Lombardo, SVP and head of production for FX, will now to report to her.
Earlier today, Disney CEO Bob Iger confirmed that layoffs will begin this week within the company. Three rounds of cuts are expected to happen before summer of 2023. The Walt Disney Company looks to reduce its workforce by roughly 7,000 employees. Just last week, executives at The Walt Disney Company were asked by Iger to identify thousands of potential layoff candidates in an effort to cut nearly $5.5 billion in costs. Iger is reportedly on “a push for profitability” as his return to the company continues and the letting go of these to executives is reportedly just the start.
The company’s restructuring comes after previous CEO Bob Chapek was fired last November. Though many changes have already been made within the company after his exit, stocks continue to plummet for the company. The majority of job cuts are expected to happen after the April 3 virtual meeting with shareholders.
One other major change Iger implemented post-Chapek was abandoning a centralized distribution structure for content. Iger divided that corporate mass into three separate entities; however, now employees from all three of these new divisions: Parks, Experiences and Products; Entertainment; and ESPN are theorized to be included in the layoffs. That theory was confirmed by the news of Levenstein and Bieber.
Following his promise to investors during a February earnings call, Iger is determined to make a “statement” in the coming weeks, Deadline reports. The Walt Disney Company will hold its annual shareholders meeting virtually on Monday, April 3.
How do you feel about hearing more news on further layoffs from Disney? Let us know in the comments below!
For the latest Disney Parks news and info, follow WDW News Today on Twitter, Facebook, and Instagram.
The post BREAKING: Hulu and Freeform Senior Executives Among the First Facing Disney Layoffs This Week appeared first on WDW News Today.