As Disney continues to move forward with new additions to its theme parks like Remy’s Ratatouille Adventure in EPCOT and TRON Lightycycle Run in Magic Kingdom, the company has made cuts in other aspects of its business as a result of the pandemic.
As we anticipate the release of Disney’s first-quarter earnings next month, recent reports have revealed how the company’s executives fared during the financial cuts in 2020.
According to Orlando Sentinel, Disney’s top executives made a combined $35 million in 2020. Back in February 2020 Bob Iger stepped down to become the Executive Chairman and was replaced by the new CEO, Bob Chapek.
In a recent SEC filing, it was revealed that Bob Iger was paid $21 million and Bob Chapek was paid $14 million. Both did not earn a bonus for the 2020 fiscal year due to the financial losses during the pandemic.
The 2020 salaries included pay cuts for both executives, with Iger taking a 56% cut compared to 2019 and foregoing his salary during the Disney Park closure starting in April. And, Chapek took a 50% cut. Both of their base salaries were restored in August, a few months after Theme Park operations resumed at Disney World.
Due to financial cuts and unexpected closures in 2020, Disney laid off roughly 32,000 Cast Members and furloughed 37,000 employees. Disney World’s unions shared last week that Cast Members are slowly being called to return to work, though thousands have yet to resume their positions with the company.
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Have you been to the parks since reopening? Let us know in the comments!