Back in late March, Disney made the announcement that top executives were all taking pay cuts in an effort to minimize expenses and keep the Company’s finances afloat amidst the historic theme park and movie theater closures.
Now that most of Disney’s theme parks have reopened worldwide and business segments have seemed to stabilize for the time being, those temporary pay cuts are ending.
Deadline has confirmed that Disney, along with Fox Corporation, are restoring their executive’s pay to pre-pandemic levels.
Fox’s pay cuts were scheduled to end on July 31st, which has gone into effect. Disney’s pay cuts were open-ended, and salaries will be restored back to their previous amounts effective August 23rd.
Disney’s pay cuts started on April 5th, in which all VP’s had their salaries reduced by 20%, Senior VP’s by 25%, and Executive VP’s by 35%. Walt Disney Company CEO Bob Chapek saw a 50% reduction in his salary, and former CEO and Board Chairman Bob Iger chose to forego 100% of his salary. According to Deadline, it is unclear if Chapek and Iger’s salaries will be restored along with the other executives.
What do you think of this decision? Share your thoughts in the comments!
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