Disney has begun issuing severance packages to employees laid off in the company's latest restructuring in the United States last week, the first significant job cuts overseen by new CEO Josh D'Amaro, according to Business Insider and accounts from affected staff. The Disney payouts, which vary based on an employee's level and years of service, are being rolled out as part of D'Amaro's effort to reshape the business following a recent unification of its enterprise marketing and brand teams.
For context, the layoffs mark the first major workforce move since D'Amaro replaced long-serving chief executive Bob Iger in March. In a memo to staff announcing the cuts, D'Amaro stressed that those losing their jobs had 'done meaningful work here and care deeply about this company,' insisting the decisions were not a verdict on their performance or on Disney's overall health. The company's parks division is widely viewed as heading into another strong year, but management is wrestling with how to drive streaming profitability while propping up its traditional television operations in a market still haemorrhaging cable subscribers.
