As layoffs continue to intensify at Disney, Alicia Schwarz, Senior Vice President, and Chief Compliance Officer has been let go. The global entertainment and media giant is undergoing a major restructuring effort that includes a significant number of layoffs, the first round of which started this week.
Schwarz’s role will be absorbed by Horacio Gutierrez, Senior Executive Vice President, and General Counsel. The corporate compliance function that Schwarz oversaw is responsible for ensuring that Disney adheres to its global ethics and standards of business conduct, and also manages regulatory compliance with anti-corruption and trade law.
Schwarz had been with the company since 2014, initially serving as principal counsel before working her way up to Vice President and Assistant General Counsel, and finally to Global Deputy Chief Compliance Counsel.
Disney’s current CEO, Bob Iger, is leading the company through a major overhaul aimed at cutting billions of dollars in costs. This comes amidst an uncertain economic backdrop for the media and the broader economy. In total, the company is targeting 7,000 staff members for layoffs.
The first round of layoffs is related to a consolidation of production operations across Disney TV Studios, Hulu, Freeform, and FX. Additionally, the studio operation’s Creative Acquisitions department is being shut down, and a unit set up by ousted CEO Bob Chapek to explore Metaverse projects was disbanded, as was the former CEO’s Disney Media & Entertainment Distribution (DMED) division.
Other top executives who have been let go include Isaac Perlmutter from Marvel Entertainment, Mark Levenstein, SVP Production for Hulu, and Jayne Bieber, SVP Production Management & Operations for Freeform. Elizabeth Newman, VP of Development who was based at 20th Television while overseeing Creative Acquisitions for Disney Television Studios, is also leaving the company.
All three of Disney’s divisions – Parks, Experiences and Products; Entertainment; and ESPN – are expected to be impacted by the layoffs. The upcoming second round of cuts is anticipated to be the deepest.
Would you like to know more about Disney’s layoff situation? Please let us know!
In a memo to staff on Monday, CEO Bob Iger acknowledged that these are tough times for the company but emphasized the importance of doing what is necessary to ensure that Disney can continue delivering exceptional entertainment to audiences and guests around the world, both now and in the future.
“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here. That’s part of what makes working at Disney so special,” Iger wrote in his staff memo.
“It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company.”
The company is holding its annual meeting of shareholders next week, where the restructuring effort is likely to be a major topic of discussion.
