Disney CEO Bob Chapek’s email to managers on job cuts and cost cutting ‘leaked’

Disney may join a long list of US-based companies that are freezing hiring and laying off staff “to find savings.” Disney CEO Bob Chapek has reportedly sent a memo to the company employees saying that the company is “anticipating” some job cuts and “limiting headcount additions through a targeted hiring freeze.”

The top executive also said that services are predicted to become profitable by the end of 2024. The moves come after Disney fell short of expectations in profit and key revenue segments during the fourth quarter.

Chief Financial Officer Christine McCarthy also said during Disney’s earnings call that the company was looking for ways to trim costs. The move to limit headcount doesn’t come as much surprise as a lot of employees have lost their jobs at competing companies such as Warner Bros. Television, HBO Max and Netflix.