Entertainment
Disney to Cut Costs, Freeze Hiring After Earnings Disappoint
- CFO and general counsel form panel leading efficiency drive
- Company needs to ensure its investments pay off, CEO says
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Walt Disney Co. announced a companywide cost-cutting drive, including a hiring freeze on all but the most important jobs, days after a wider loss in streaming led to its worst one-day stock rout in more than 20 years.
A new executive committee that includes Chief Financial Officer Christine McCarthy and General Counsel Horacio Gutierrez will spearhead the savings efforts, according to a memo Friday from Chief Executive Officer Bob Chapek. That will include staff cuts.