And cost cutting might be fine if the company were not reporting record profits. And they were reporting those record profits before they did the layoffs. If they are doing badly, then ask the workers to take a pay cut to help the company through the bad times. I don't see Iger taking any pay cuts because the company is doing so badly! Do you? So there may be a responsibility to shareholders, but that is not their SOLE responsibility.They are a public company that illicit investments through their stock from people like you and me who work hard, save, and invest. Whether it's because we want assets for retirement, to put our kids kids through college, or to buy a sports car...it makes no difference. Their fiduciary responsibility is to those that fall into this category. This is what it means to be a public company.
Major companies always talk about how people are their most important asset, yet those same companies lay off people left and right to outsource to an overseas worker who is not as well trained, not as experienced, and makes little to no money compared to the U.S. person, and has no personal investment in the company to do a good job. If these workers get a better offer, even as little as 15 cents/hour, they jump ship immediately as there is no company loyalty. If a company shows loyalty to it's workers, they will get loyalty in return. Unfortunately, companies treat their employees like chattel nowadays and couldn't care less about loyalty. And Disney is NO exception to this either.