Disney Executives Slashing Their Salaries To Help Pay Employees

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There is one bright spot of news among all the bad, Disney executives are cutting their salaries to help pay other employees during the coronavirus pandemic.

Bob Iger, executive chairman of the Walt Disney Company will be giving up 100% of his salary.

Vice Presidents will have their salary reduced by 20%. Senior Vice Presidents will have theirs reduced by 25%. Executive Vice Presidents and above by 30%. CEO, Bob Chapek, is having his salary cut by 50%.

From Bob Chapek:

“In light of this, we are going to be implementing a variety of necessary measures designed to better position us to weather these extraordinary challenges. Among them, we will be asking our senior executives to help shoulder the burden by taking a reduction in pay – effective April 5, all VPs will have their salaries reduced by 20%, SVPs by 25%, and EVPs and above by 30%. I will be taking a 50% reduction in my salary. This temporary action will remain in effect until we foresee a substantive recovery in our business. Our executive chairman, Bob Iger, has chosen to forgo 100% of his salary.”

It’s a nice gesture by the powers that be to keep their employees going. I’m sure they need to build up trust with the employees again after the unions had to step in and demand answers. This will likely go a long way.

I do think it’s a really stand-up thing to do. I would have been more disappointed in Disney if they hadn’t done something like this. Right now the world needs more of this. More examples of corporations helping their own people!  Good job there Disney.

Source: Twitter, THR

 

Disney has been a big part of my life for years--from family trips to WDW, at a very young age, to growing up on Disney classics, TV, and movies. I've been successfully running social media and websites since 2010. I'm a co-host the YouTube channel Clownfish TV as well as the podcast/ Youtube Pirates and Princesses (PNP) channel. I'm also a former contributor and acting social media manager (built it from the ground up with my husband) at The Kingdom Insider. Certified art teacher and mom! Opinions are all mine.