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- Disney CEO Bob Iger announced layoffs on Wednesday.
- 7,000 jobs will be cut.
- Iger returned as CEO in November.
Disney CEO Bob Iger is looking to cut costs and reorganize the company, announcing sweeping layoffs on Wednesday.
During the company's quarterly earnings call on Wednesday, Iger said the company would cut 7,000 jobs. It's part of an effort to target $5.5 billion in cost savings this year, Iger said.
Iger returned as CEO in November after leaving the role in early 2020. He replaced his successor, Bob Chapek.