Disney CEO Bob Iger has reportedly ordered executives to compile a list of roughly 4,000 workers to fire as the struggling entertainment giant looks to slash costs.
The managers have been told to submit their lists within the next few weeks and the targeted employees will be culled in April, Insider reported on Saturday, citing a source familiar with the company’s plans.
In February, Iger announced that Disney would slash 7,000 jobs as part of a $5.5 billion cost-cutting initiative.
The embattled company had faced pressure from activist investors to shore up its balance sheet following dismal stock performance last year.
Of the 7,000 roles set to be cut, approximately 4,000 will be eliminated from Disney’s current companywide headcount, while the rest will be for open positions that will no longer be filled.
It’s still unclear if the layoffs will occur all at once or in several smaller rounds, the report added.
Disney has more than 200,000 employees across its various businesses.
When the layoffs were first announced, Iger said he planned to slash $2.5 billion in operational costs. The additional $3 billion in savings would come from reductions in spending on non-sports content.
“I do not make this decision lightly,” the Disney boss said at the time.
Disney representatives did not immediately return a request for comment.
The cuts are part of a sweeping turnaround effort led by Iger since he returned as Disney’s CEO last November.
Under Iger’s direction, Disney is reorganizing its business into three segments – one focused on film, television and streaming assets, one on the sports media giant ESPN and one on the company’s theme parks and experiences.
Iger also ordered Disney employees to return to the office at least four days per week beginning on March 1 – a directive that prompted fierce pushback from corporate staffers.
More than 2,000 Disney employees signed a petition asking Iger to reconsider the plan.
The petition warned the return-to-office push was “likely to have unintended consequences that cause long-term harm to the company” by forcing out “hard-to-replace talent and vulnerable communities.”