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.
Book your 2023 Walt Disney World Resort holiday today to take advantage of Disney's "The Magic is Yours" package . Book your stay on select dates to take advantage of Disney's best offer for 2023.
"The Magic Is Yours... Read more >
Disney has announced the return of more Enchanting Extras at EPCOT today. Behind the Seeds is returning. This one-hour walking tour gives you an up-close and personal view of amazing plants, insects and fish throughout f... Read more >
On the evening of August 15th, Disney let local residents know that they will be conducting fireworks tests at around midnight at the Magic Kingdom. Curious why Disney would be doing fireworks tests when 'Disney Enchantm... Read more >
Over the summer, Walt Disney World has seen the return of many character meet and greets and character dining. While there's still a few characters yet to return, two characters are now back in their meet and greet meeti... Read more >
With many other cruise lines dropping their testing requirements, we're eagerly awaiting when/if Disney will alter theirs. Today, Disney updated their "know before you go" page, but the only restriction that was changed ... Read more >
Star Wars: A Galactic Spectacular is a nighttime show at Disney's Hollywood Studios that has not yet returned, just like Fantasmic. Even though Fantasmic has a return date of "2022" we all agree needs to come back ASAP. ... Read more >
Orlando International Airport (MCO) will open their brand new terminal - Terminal C - towards the end of September 2022. Airlines flying from the UK have already announced they'll be landing at this new terminal, those a... Read more >
Orlando International Airport (MCO) has been building a brand new terminal (Terminal C) to increase their capacity to cope with the amount of travellers visiting Florida each year. Terminal C will be home to 24 Food & B... Read more >
If you're going to Mickey's Not-So-Scary Halloween party this year, you can take the experience up a notch by also booking Disney's Not-So-Spooky Spectacular Dessert Party. After you enjoy an hour of dessert buffet feas... Read more >
A new "Transportation" section has been added to My Disney Experience this morning. Tap on the bottom right hamburger menu icon, and you'll see the new Transportation section at the bottom. When you tap it, you'll see a... Read more >
