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Disney lays off several high-ranking employees during first wave of job cuts

A newly painted Cinderella Castle at the Magic Kingdom in Walt Disney World is seen during the 50th anniversary of the theme park on Aug. 30, 2021. (John Raoux/ AP Photo/ File)

Burbank-based Walt Disney Co. has parted ways with several high-ranking employees during the first round of its planned job cuts, a move that will reduce the company’s workforce by 7,000 jobs or 3%, several news outlets reported Wednesday.

Among the layoffs:

On Monday, several media outlets reported that Disney CEO Bob Iger sent out a memo explaining that the company will begin notifying employees “whose positions are impacted by the company’s workforce reductions.”

Disney is expected to do two more rounds of job cuts, with the largest one happening in April. The job cuts are expected to conclude by the beginning of summer.

Deadline reported that The April job cut wave has been described as the “big one” or a “bloodbath” because that’s when a large number of people would be laid off.

Iger initially announced the news of the layoffs on Feb. 8. The loss of 7,000 jobs would represent a 3% reduction of the company workforce. The layoff news came as Disney enacted a company-wide plan to reduce costs by $5.5 billion.

All company divisions, including theme parks, are expected to be impacted by the planned labor reduction. The company’s theme park division includes the Disneyland Resort, Walt Disney World in Orlando, Florida, Disney cruise lines, and its international parks.

In addition to the planned job cuts, Disney has also instituted a hiring freeze, implemented under previous CEO Bob Chapek following a dismal earnings report.

When Iger returned to his old position as Disney’s top executive, he announced during a town hall meeting that the freeze would remain in place.