Story from Deadline:
Disney has let go SVP and Chief Compliance Officer Alicia Schwarz, Deadline has learned, amid a major retrenchment at the company.
Her role will be absorbed by Senior Executive Vice President and General Counsel Horacio Gutierrez. She joined the company in 2014 as principal counsel, later serving as Vice President and Assistant General Counsel, as well as Global Deputy Chief Compliance Counsel.The corporate compliance function oversees compliance with Disney’s global ethics and standards of business conduct and manages regulatory compliance with anti-corruption and trade law.Disney under chief executive Bob Iger is in the midst of a sweeping overhaul that includes rounds of layoffs – the first starting this week – in a push to cut billions in costs against an uncertain background for media and the broader economy.All told, the cuts will target 7,000 staffers. As Deadline reported, an initial exodus is related to a consolidation of production operations across Disney TV Studios, Hulu, Freeform and FX and the shutdown of the studio operation’s Creative Acquisitions department. A unit set up by ousted chief executive Bob Chapek to explore Metaverse projects was disbanded, as was the former CEO’s DMED division (Disney Media & Entertainment Distribution).New names are emerging daily. As Deadline and others reported earlier today, Isaac Perlmutter from Marvel Entertainment was also shown the door.Among top execs, Mark Levenstein, SVP Production for Hulu, and Jayne Bieber, SVP Production Management & Operations for Freeform are leaving, as is Elizabeth Newman, VP of Development who was based at 20th Television while overseeing Creative Acquisitions for Disney Television Studios.All three of the company’s divisions – Parks, Experiences and Products; Entertainment; and ESPN — are likely to be impacted. The upcoming second round of cuts is expected to be the deepest.“In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future,” Iger wrote in a memo to staff Monday.Disney is holding its annual meeting of shareholders next week.
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