Disney is restoring the regular salaries to their executives this week. Executives were given a pay cut back in early April when the pandemic caused the parks and theaters to shut down. Cast Members were furloughed and executives were given pay cuts based on their level. Vice President salaries were reduced 20%, Senior Vice President salaries were reduced 25%, Executive Vice President and above were cut by 30%. Right now I’m asking “How many Vice Presidents do you need?”
CEO Bob Chapek took a 50% pay cut and Executive Chairman Bob Iger gave up 100% of his salary.
Deadline is reporting that they are hearing that the temporary pay cuts are ending and Disney is restoring the pay to their executives on August 23.
It’s an interesting move considering how much money they lost and that was with pay cuts and extensive Cast Member furloughs. A lot of Cast Members still haven’t been called back, and many struggled to get their unemployment.
The company had more bad news than good news at their Q3 earnings call. Billions lost. The college program and International programs have been canceled. Dividends have been delayed and Disney took on a bunch of debt. But good news, the executives reportedly are getting their full salaries back.
I’m sure it’s a move to try and keep the people they have from jumping ship to better paying job. We’ve already seen some high level executives leave to go to higher positions in other companies. It’s just hard to understand this decision when Chapek admitted that the parks have not performed to the levels they expected and they aren’t picking up that much. Movie theaters are reopening, but we don’t know how well they will do nor do we know if the “Premier Pass” will work on Disney+ yet. It seems a bit premature right now. But I understand that these people have contracts and that has to be considered as well. Good for them I guess. Now let’s get the other furloughed Cast Members back to work too.
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