With Disney experiencing soaring profits and their recent film “Lilo & Stitch” grossing over $1 billion, the company is still cutting down hundreds of employees.
With the new
Lilo & Stitch
film has provided Disney with a new billion-dollar success at the box office, things are looking up for the entertainment company. In celebration of this achievement, they are following tradition.
by dismissing additional employees
.
A few years back, Disney welcomed their CEO Bob Iger back into the role, and starting from 2023, he has been responsible for cutting approximately 8,000 positions globally. The most recent wave of reductions will impact several hundred individuals across various regions. Departments targeted for these cuts encompass film and television marketing, as well as development and casting teams, alongside corporate finance personnel.
Clearly, this is being framed as an enhancement in efficiency, even though Disney hasn’t officially addressed its most recent wave of job cuts.
Nevertheless, for those atop the corporation, it’s all about celebratory moments. Disney has seen an increase in operating income and profits, with Bob Iger expressing optimism regarding the company’s financial outlook for the current year.
In 2024, Iger’s total compensation reached $41 million when including stock options and similar benefits. This marked an increase from his 2023 earnings of $31.6 million. A quick estimation suggests that the additional $10 million could fund salaries for approximately 250 employees, each earning $40,000 annually.
This does little to dispel the notion that although billions of dollars circulate within the entertainment sector, everybody insists they have ‘no money left’ in their budget.
Disney’s recent push for greater efficiency should guarantee that the company’s board of directors continue to receive substantial compensation. For those who now face uncertainty and potential job loss due to this financial restructuring, we wish you swift success in finding new opportunities.
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Disney is cutting jobs once more, reporting a gross profit of $34.9 billion over the past year.
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