The Walt Disney Co has begun layoffs, impacting nearly 1,000 roles across the organisation. New CEO Josh D'Amaro informed employees about the layoffs in an internal email.
The severance package is based on employees' rank and length of service. Non-managerial employees with less than 5 years of service will receive 4 weeks of pay, while those with more than 5 years will get 1 week of pay per year, up to 52 weeks.
Managers with less than 5 years of service will receive 6 weeks of pay, while those with more than 5 years will get 4 weeks of pay plus 1 week per year, up to 52 weeks.
Directors will receive 13 weeks of pay for less than 5 years of service, and 6 weeks of pay plus 2 weeks per year for more than 5 years.
VPs will receive 26 weeks of pay for less than 5 years of service, and 18 weeks of pay plus 2 weeks per year for more than 5 years.
