According to Deadline, Disney is reportedly going to restore executive pay that was cut in the wake of the global COVID-19 pandemic on August 23.
Disney previously cut executive pay as a cost-cutting measure due to major losses brought on by COVID-19.
Here are the pay cuts that executives took:
- Vice Presidents took a 20% cut.
- Senior Vice Presidents took a 25% cut.
- Executive Vice Presidents and above took a 30% cut.
- CEO Bob Chapek took a 50% cut.
- Executive Chairman Bob Iger forwent 100% of his salary.
At the time Bob Chapek said that “this temporary action will remain in effect until we foresee a substantive recovery in our business.” It isn’t yet clear whether or not that has happened however, despite Bob Chapek stating that Walt Disney World is operating at a small profit or, at the least, exceeding variable costs.
This news comes on the heels of Blog Mickey’s report that tens of thousands of Walt Disney World Resort Cast Members remain furloughed.