Disney Execs Back Up To Pre-Covid Salaries Despite Poor Quarterly Earnings And Low Attendance
If you’ve been following along with MickeyBlog then you know that at the start of the COVID-19 crisis, with employees furloughed across the company, Disney made the decision that many top execs would have their salaries curbed to help the company weather the looming financial crisis. According to a new report today in Deadline, this period of austerity has come to an end.
Deadline says that executives were recently notified of the change via email.
Back in March, Disney informed all VPs that their salaries were being reduced by 20%, SVPs by 25% and EVPs by over 30%. In addition Disney CEO Bob Chapek announced that he would be taking a 50% reduction and Bob Iger would be forgoing 100% of his salary. At the time of the announcement an end-date for the cut was not give. However, according to the report, employees were informed yesterday that the pay reduction period is ending effective this Sunday. The increase to pre-Covid level salaries will appear on Execs next paychecks. At the moment its unclear if the pay restoration applies to Iger and Chapek as well.
(Matt Stroshane, photographer)
As we previously reported here at MickeyBlog, Disney reported that the theme park closures worldwide cost the company in excess of $1 billion during the quarterly earnings call last month. In addition the theme parks, resorts and Disney Cruise Line continue to be impacted by the health crisis. Walt Disney World is open but at limited capacity. Disneyland is still closed, as is Aulani Disney’s resort in Hawaii and Disney Cruise Line continues to postpone sailings. In addition, cinemas are only just starting to reopen and Disney made the decision to bring live-action Mulan directly to their Disney+ streaming network for a premium fee of $29.99 per household.
Readers are encouraged to keep following along with MickeyBlog for further Disney-related news and updates!
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Source Deadline
