Horacio Gutierrez Absorbs Alicia Schwarz's Role as Disney's Chief Compliance Officer
According to sources, Alicia Schwarz, Senior Vice President, and Chief Compliance Officer have been let go by Disney as part of the company's major retrenchment plan. Senior Executive Vice President and General Counsel Horacio Gutierrez will now absorb Schwarz's role. Schwarz previously served as Vice President, Assistant General Counsel, and Global Deputy Chief Compliance Counsel. Her responsibilities included overseeing compliance with Disney's global ethics and standards of business conduct and managing regulatory compliance with anti-corruption and trade law.
Disney's Retrenchment Plan Includes Significant Cost-Cutting Measures and Layoffs
The decision to let Schwarz go comes amid a sweeping overhaul at Disney, led by Chief Executive Bob Iger, which includes significant cost-cutting measures and several rounds of layoffs. The company is targeting 7,000 staff members in these cuts, with the first round beginning this week. The restructuring aims to cut billions of dollars in costs, given the current uncertain economic climate and media industry challenges.
The First Wave of Layoffs at Disney Affects Various Production Operations and High-Level Executives
Other high-level executives who have been let include Isaac Perlmutter from Marvel Entertainment, Mark Levenstein, SVP of Production for Hulu, and Jayne Bieber, SVP of Production Management & Operations for Freeform. Elizabeth Newman, VP of Development, who oversaw Creative Acquisitions for Disney Television Studios while based at 20th Television, is also leaving.
Disney's Three Divisions Expected to be Affected by the Restructuring Plan
All three of Disney's divisions – Parks, Experiences and Products; Entertainment; and ESPN – are expected to be affected by the restructuring. The upcoming second round of cuts is anticipated to be even more extensive.
In a memo to staff on Monday, Bob Iger acknowledged the challenges faced by the company. He emphasized the need to take action to ensure that Disney can continue to provide exceptional entertainment to audiences and guests worldwide. The company is set to hold its annual meeting of shareholders next week.
