Joining a long list of companies that are freezing hiring and laying off staff, Disney has planned to institute a targeted hiring freeze as well as some job cuts. CEO Bob Chapek sent an internal memo to executives to inform them about the upcoming job cuts. 

“We are limiting headcount additions through a targeted hiring freeze. Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams,” read the memo obtained by CNBC.

“As we work through this evaluation process, we will look at every avenue of operations and labour to find savings, and we do anticipate some staff reductions as part of this review,” he added. 

The company is also establishing “a cost structure taskforce” to be made up of Chief Financial Officer Christine McCarthy, General Counsel Horacio Gutierrez and Chapek.

“I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time,” Chapek wrote.

Disney recently reported disappointing quarterly results. Shares of the company fell sharply, hitting a new 52-week low, before rebounding later in the week.