During the COVID-19 theme park shutdown, Disney announced that Senior Executives for the Walt Disney Company would be taking salary cuts to help in the midst of the unprecedented effects of the pandemic on the company. Now, their paychecks are being restored while thousands of Cast Members remain on furlough.
Back in March, Bob Chapek sent out an email stating all senior executives would have their pays reduced throughout the closure period. Chapek himself had his salary reduced by 50%. Bob Iger has agreed to forgo 100% of his salary. Various decreases in pay for SVPs, EVPs, and VPs were also enacted: VP by 20%, SVPs by 25%, EVP by 30%. The salary cuts went into plact on April 5th.
According to Deadline, salary reductions will be lifted starting August 23rd. Walt Disney Company employees were informed yesterday that the pay reduction period would be ending. Changes will be reflected in the executives’ next paychecks. It is unclear whether the pay restoration would impact Iger and Chapek.
The salary cuts were meat to be temporary, and were said to remain in effect until the company saw “a substantive recovery in business.”