Disney CTO Jeremy Doig Quits, Days After Company Announced 7,000 Job Cuts
Jeremy Doig, Disney's Chief Technical Officer (CTO) has reportedly left the company, days after the company announced plans to lay off 7,000 employees.
Jeremy Doig, Disney's Chief Technical Officer (CTO) has reportedly left the company, days after the company announced plans to lay off 7,000 employees, the media has reported. According to a report by news agency Bloomberg, an internal company note mentioned Doig's departure from Disney.
Doig responsibility at Disney included overseeing the teams that run streaming services such as Disney+, Hulu and ESPN+. The departing key executive joined the company less than a year ago in March 2022 after a long stint at Google.
In the note, Mike Hanley, Senior Vice President for Engineering for Disney's OTT platforms, wrote: "I have been informed that effective immediately Jeremy Doig is no longer with the company."
Last week, the company announced its plans to cut 7,000 jobs as part of a major restructuring by CEO Bob Iger, which is aimed at saving $5.5 billion in costs and making its streaming business profitable. The layoffs under the recently reinstated CEO comprise an estimated 3.6 per cent of Disney's global workforce, reported news agency Reuters.
The measures that included reinstating a dividend for shareholders tried to assuage the concerns of activist investor Nelson Peltz who claimed that the Mouse House was overspending on streaming.
"We are pleased that Disney is listening," a spokesperson for Peltz's Trian Group said in a statement late Wednesday.
The latest plan involves cutting costs and returning power to creative executives. The company aims to restructure into three segments, which will include an entertainment unit with film, television, and streaming; a sports-focused ESPN unit; and the last being Disney parks, experiences, and products.
"This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger informed analysts during a conference call. "We are committed to running efficiently, especially in a challenging environment," he added
The CEO noted that said streaming remained Disney's top priority. The company would remain focused more on core brands and franchises and aggressively curate general entertainment content.
Iger also said he would also push the company's board to restore the shareholder dividend by year end. Chief Financial Officer Christine McCarthy said the initial dividend would likely be a 'small fraction; of the pre-COVID level with a plan to increase it over time.
Disney's move on job cut comes after Zoom’s Chief Executive Officer Eric Yuan on Tuesday announced in a blog post that the company is laying off about 1,300 employees, or approximately 15 per cent of its staff adding that the changes will impact every part of the organisation.