Disney President Discusses Recent Layoffs as Necessary for Company's Survival

Dana Walden, the President of The Walt Disney Company, stated on Thursday that the company's recent layoffs were 'extremely painful' but necessary for its survival. Speaking at the Bloomberg Screentime conference in Los Angeles, Walden highlighted the need for cost-cutting measures in response to intense competition in the streaming sector and the rise of AI tools as a more affordable production alternative. 'We've exited colleagues who I've worked with for most of my career... It is in many ways a harsh reality,' she said. More than 300 employees were laid off on Tuesday, primarily from human resources and information technology, according to reports. This follows a previous reduction of around 1,000 positions in April, mainly within the marketing group, after the appointment of new CEO Josh D'Amaro. Walden noted that the company had provided executives with the option to decide whether to leave or stay as part of a voluntary retirement plan, though it is unclear if this was utilized in the latest layoffs. 'There is a need to constantly evaluate how you're structured,' Walden remarked, emphasizing the competitive pressures from the technology industry. 'Technology set their sights on our business, and we must survive and thrive and grow. And that's what we're going to do,' she concluded. The Walt Disney Company did not immediately respond to a request for comment.