Disney planning layoffs, hiring freeze: Report

CEO says “evaluation process” will lead to firings.

Updated: November 12, 2022 - 5:59pm

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Disney is reportedly planning both a hiring freeze and layoffs in the near future, a sign of an increasingly gloomy economic outlook amid what analysts warn is a looming recession.

A memo from CEO Bob Chapek told staff that the company was ““limiting headcount additions through a targeted hiring freeze.” 

“Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold,” the memo said. “Your segment leaders and HR teams have more specific details on how this will apply to your teams.”

The memo, a copy of which was obtained by CNBC, also added that the company planned to “look at every avenue of operations and labor to find savings,” with Chapek adding that directors “anticipate some staff reductions as part of this review.” 

The warning comes amid reports of widespread layoffs at numerous other top-tier corporations in the U.S. ahead of what experts say is likely an upcoming recession. 

Firings have been reported at Facebook, Lyft and other tech companies, including Twitter, where new owner Elmon Musk has vowed to make the company leaner in order to ensure its solvency ahead of any economic crises.