Disney Execs Take Voluntary Pay Cuts Due to Closures
From the Walt Disney World News and written by: Michele
As everyone knows Disney parks around the world are currently closed due to the Covid-19 Pandemic. As a result, cast members everywhere are home from work but are currently being paid. This morning the Walt Disney Company announced that top execs are taking pay cuts for the greater good of the company and such during these challenging times. Bob Chapek said the following-
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.
Last week Disney announced that the parks are closed until further notice. We have no dates regarding when we will see the parks re-open again but we are watching. Please stay tuned for more updates as we see them and please take care of yourselves during this difficult time.