Walt Disney begins job cuts with goal of eliminating 7,000 positions

Walt Disney Co. has begun the first of what is expected to be 7,000 job cuts, a key part of a $5.5 billion savings drive the company announced in February.

The first group of employees will be notified over the next four days, Chief Executive Officer Bob Iger said in a memo to staff on Monday. A second, larger round will happen in April, impacting several thousand workers. The last of the affected workers will receive notice before summer.

Iger, who in November rejoined the company he led for 15 years, has laid out plans to improve the financial performance of the world’s largest entertainment company.