Less than a month into Josh D’Amaro’s tenure as Disney CEO, sizable layoffs are set to shake up the company, according to the Wall Street Journal.
Per a Wednesday evening report, the entertainment conglomerate is expected to layoff as many as 1,000 positions in the weeks to come, with many of the expected impacts expected to hit the marketing department, which was previously consolidated under a single chief marketing and brand officer, Asad Ayaz, earlier this year.
The planned layoffs are expected to occur as Disney attempts to adjust to smaller profits caused by streaming, a weaker box office and competition from Amazon and Google’s YouTube, the WSJ reports. Disney is also reportedly wanting to free up cash in order to invest in digital endeavors.
Disney declined to comment to TheWrap.
This is not the House of Mouse’s first foray into navigating layoffs, as, under Bob Iger, Disney reportedly impacted more than 8,000 staffers. Per the Wall Street Journal, most of the past layoffs took place in Disney’s entertainment, ESPN and corporate operations. However, the theme park and cruise line teams are said to have grown.
The report also claimed that the layoff plans began before D’Amaro stepped into his role as CEO back in March. Though, D’Amaro has made it a priority to have the company’s various divisions collaborate in a more efficient manner.
In a March memo to staff, D’Amaro said the company would “continue to raise the bar, take smart risks, learn quickly and deliver work that exceeds our audiences’ expectations and our own.”
He also noted that Disney looked to embrace technology to unlock new possibilities, stating, “Innovation has always been part of Disney’s DNA. Used thoughtfully, it can empower our storytellers, strengthen our capabilities, and help us create more immersive, interactive, and personal ways for people to experience Disney.”
D’Amaro also touted a “OneDisney” mission, explaining that “when our teams are aligned and working in a connected way, we can build on our strengths, reach people wherever they are, and deepen their relationship with Disney.”
D’Amaro, the former Disney Experiences chairman, was officially named Iger’s successor back in February after previously emerging as one of four internal candidates in the running for the job.
“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said at the time. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company.”
