When COVID-19 hit, shutting down Disney parks across the globe, The Walt Disney Company made the decision to make executive pay cuts. It is now being reported that paychecks are to be restored to pre-COVID-19 levels.
As shared by Deadline, thousands of executives across The Walt Disney Company are getting their paychecks restored to pre-COVID-19 levels. The Disney temporary salary reductions, which had been open-ended, will be lifted starting August 23, sources say. The impacted executives were recently notified in internal emails.
Disney implemented pay cuts as a cost-cutting measure early in the pandemic, announcing on March 30 that “effective April 5, all VPs will have their salaries reduced by 20%, SVPs by 25%, and EVPs and above by 30%,” with Disney CEP Bob Chapek taking a 50% reduction and executive chairman Bob Iger forgoing 100% of his salary. There was no end date set at the time. “This temporary action will remain in effect until we foresee a substantive recovery in our business,” Chapek wrote in the March 30 memo.
For a no obligation, FREE Quote with new bookings contact our sponsor Magical Vacation Planner by calling: 1(407)442-0289
Or for a free no obligation quote with new bookings you can fill out the form by Clicking HERE!
Deadline heard the impacted employees at the House of Mouse were informed yesterday that the pay reduction period is ending, effective this Sunday. The changes will be reflected in executives’ next paychecks. The timing on of that restoration will varying depending on individual pay schedules. It is unclear whether the pay restoration would impact Iger and Chapek.
Reps for Disney did not respond to request for comment on the matter.