Director Called Team “Replaceable” in Team Meeting

I’m interning in the WM division of a BB and in our Bi-Weekly team meeting today, the Director acknowledged that 2 of our team members have resigned and then randomly said that we are all “replaceable” to an extent. I get that they may have been trying make a positive out of a negative by implying that we can find new team members, but I thought this was fucked up and insensitive. Am I overthinking this or did my manager fuck up?

 

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