Disney is offering director-level or higher executives a time-limited early retirement package as layoffs have occurred throughout the year.

Early Retirement Plans for Executives

On August 24, senior EVP and Chief People Officer Sonia Coleman sent out an email to staff ranked “director” or higher within Disney operations, including ESPN, discussing the future of the company and next steps, according to Variety.

“Over the past few years, we’ve made real changes to how we operate, and we’re still in that process. As you heard on our most recent earnings call, we’re focused on meaningfully reducing costs as part of our ongoing transformation, so we can continue to invest in the areas that will drive our future growth: content, technology, and experiences,” Coleman wrote.

Coleman then announced a Voluntary Early Retirement Offer (VERO) for eligible employees, which “recognizes their service and contributions.”

Non-contracted employees who meet 65 points (based on age and years of service), are 50 or older, and have at least 10 years of service are eligible for this plan.

The outlet also reported that the voluntary offer is available to U.S.-based employees and would include separation pay, continued vesting of existing equity awards, healthcare support, and and maintaining Silver Pass access to Disney parks.

“We recognize that retirement from the company is a deeply personal decision,” Coleman said in the memo. “For those who receive this opportunity, our goal is to ensure they have the information, time, and support needed to make the choice that is right for them.”

We last reported back in July that Disney laid off hundreds of employees at Pixar, ESPN, National Geographic and other studios.

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