Various aspects of The Walt Disney Company were and continue to be impacted by the global pandemic.
Now, we’re hearing about one change that affected Disney and Fox Corporation executives directly that has already or will soon be going away.
Many aspects of Disney’s business have been impacted in some way or another by the pandemic. Some theme parks, like the ones in Walt Disney World and Shanghai Disneyland Resort have reopened. Others, however, remain closed or had to close again after initially reopening. The Disney Parks recently reported a multibillion dollar revenue loss.
But one aspect that affected the executives of both Disney and Fox directly was temporary pay cuts. Disney executive chairman Bob Iger agreed to forgo his entire salary while current Disney CEO Bob Chapek took a 50% salary reduction. Other Disney executives also received a reduction to their salaries. According to Deadline, the temporary salary reductions at Disney will be lifted starting August 23rd. But, it is unclear if this restoration in pay will impact Bob Iger and Bob Chapek’s salaries.
Over at Fox, executives also received pay cuts. According to Deadline, Executive chairman-CEO Lachlan Murdoch and chairman Rupert Murdoch, along with several others, agreed to forgo their salaries through September 30th. Others reduced their salaries by 50% for the same time. It appears these deadlines are still in effect and will continue to be through the end of September.
Other executives at Fox at the VP level and above, however, only had their salaries reduced by 15% through July 31st. Fox did in fact restore mid-level executives’ pay to their full amount as originally scheduled.
We’ll keep our eyes open for more news about matters affecting Disney and Fox, and let you know what we find.