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%.
New Disney measures: Iger foregoing 100 percent salary, Chapek reducing salary by 50 percent until “substantive recovery” in Disney business. pic.twitter.com/055wOHaDsi
— Julia Alexander (@loudmouthjulia) March 30, 2020
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