Disney Executives Take Pay Cut Due To Coronavirus Impacts
News 30-Mar-2020
Disney executives are taking pay cuts as the parks are closed (and other parts of the business are put on hold) due to the current Coronavirus pandemic. Disney CEO Bob Chapek is reducing his salary by 50%, other executives are reducing their salary between 20% and 30%. Bob Iger, Disney's previous CEO, has agreed to give up 100% of his salary.
Currently, Disney is paying hourly based cast members up until April 18th. CEO Bob Chapek shared the below email with cast members about this move.
This is a trying period for all of us and as we navigate these challenging times together and make adjustments in our daily lives, we’re grateful for everyone’s continued flexibility and understanding.
The pandemic is also having a devastating impact on the global and U.S. economies, and it’s hurting businesses like ours exceptionally hard. In a matter of weeks, we’ve experienced widespread disruption across our company, with our domestic parks and hotels closed indefinitely, our cruise line suspended, our film and TV production halted and theatrical distribution delayed both domestically and internationally, and our retail stores shut down. While I am confident we will get through this challenging period together and emerge even stronger, we must take necessary steps to manage the short- and long-term financial impact on our company.
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 30%. I [Chapek] 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.
As we navigate the these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support. Your dedication and resilience during this difficult time are truly inspiring, and it gives me renewed confidence that we will come through this crisis even stronger than before, as we have so many times in our company’s history.
Join the FREE Mickey From The UK email club & never miss any of our Disney content
Tick the box to confirm you want to signup to our email club
(Your email will never be shared, sold or spammed as outlined in our privacy policy. Only Disney goodness you'll receive.)
Direct Link:
HTML Link: Click the text box above which will highlight, and then copy/paste the link.
In case you didn't hear, Bob Chapek has been fired and Bob Iger has returned to the Walt Disney Company CEO role for at least two years. Social media exploded as fans (primarily Disney Parks fans... Read more >
In a new SEC filing, it was confirmed the board of directors of the Walt Disney Company fired ex-CEO Bob Chapek. On November 20, 2022, The Walt Disney Company (the "Company") appointed Robert A.... Read more >
News broke on Sunday that Bob Chapek has left the company and Bob Iger has returned as CEO. CEO Bob Iger (via SA) is wasting no time to begin reorganising the company. Kareem Daniel, the head of ... Read more >
The Walt Disney World company last night announced the firing of the controversial CEO Bob Chapek with immediate effect. Bob Iger will return to the Walt Disney Company as their CEO. Full stateme... Read more >
Walt Disney World has changed their table service restaurant cancellation policy starting this week. Previously, if you didn't show or cancel your table service booking within 24 hours you would ... Read more >
The Disneyland Paris 30th Anniversary celebration and Mickey’s Dazzling Christmas Parade each took home a IAAPAHQ Brass Ring Awards last night! Disneyland Paris was recognised last night by t... Read more >
Disney Cruise Line has announced the purchase of a partially complete cruise ship to add to its fleet. The ship will be based outside the US - likely targeting the asian market - and will be addi... Read more >
CNBC has obtained a memo from Walt Disney Company CEO Bob Chapek he sent to staff. The memo announces plans to initiate a hiring freeze as well as some job cuts. Hiring for the small subset of th... Read more >
Disneyland Paris has shared with us their upcoming food & beverage offerings for the upcoming winter season. These food & beverage items will be available across the parks and hotels starting Nov... Read more >
