When the pandemic was just starting to force the unprecedented closures of Disney Parks & resorts, the Disney executives did something we never thought we’d see, they took a pay cut.
Yes, at least in the beginning of this pandemic, Disney & their executives were presenting a “we’re all in this together” image. They were saying & to be fair, doing all the right things you’d hope a company would do, to take care of their employees.
Disney CEO Bob Chapek, along with other Disney executives, agreed to take base salary pay cuts between 20 & 50%. In an eternal company email however, Chapek made this one remark that has apparently turned out to be a complete lie. “This temporary action will remain in effect until we foresee a substantive recovery in our business,” wrote Chapek.
To nobody’s surprise, Chapek & the rest of the Disney executives went ahead & reinstated their full base salaries in August. Just one problem, where is the “substantive recovery”? How can you claim to have a substantive recovery while telling people you have no choice but to lay off 28,000 of your employees just a month later?
Either you’re doing just fine and are using the pandemic to be extraordinarily greedy or you’re hurting badly but still chose to reinstate your full base salaries anyway. The optics on either option are awful.