The Latest Breaking News on Disney CEO axes metaverse unit and almost everyone in it, with another 6,950 cuts to go

Bob Iger is back at Walt Disney Co., but that doesn’t mean the entertainment giant is out of the woods yet.

San Francisco (AFP) - Entertainment giant Disney said Wednesday it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year.

Compare that to his 2021 salary of $32.5 million.

"My goal is to work collaboratively with Bob Iger and other directors to take decisive action that will result in improved operations and financial performance," said billionaire investor Nelson Peltz.

Disney CEO Bob Iger is on the defensive after Trian Partners, which holds a $900 million stake in the company, published a report critical of his management and asked shareholders for a boardroom seat. The entertainment giant has seen its share price fall close to 40 percent in the past…

The company reiterates its two-year mandate for recently returned CEO as it faces proxy fight with activist investor Nelson Peltz.

Disney CEO Bob Iger sent a company-wide email to employees Monday, mandating them to come back to the office to promote creativity and collaboration.

Chief executive told workers to treat ‘Monday through Thursday as in-person workdays’, according to email

A number of surprise CEO changes happened this year while Facebook lost a key C-Suite name, and a Domino's Pizza legend took a new job.