30 Mar - 01 Apr 2024
The Venetian Las Vegas,
Las Vegas,
United States
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18-22 May 2024
The Ravenala Attitude Hotel,
Mauritius
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23-24 May 2024
Large Hall of the Chamber of Commerce (Erbprinzenpalais),
Wiesbaden,
Germany
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30-30 May 2024
Four Seasons Hotel George V,
Paris,
France
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30 May - 02 Jun 2024
Rimini Exhibition Center,
Rimini,
Italy
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06-07 Jun 2024
Sataman Viilu ,
Jyväskylä,
Finland
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11-13 Jun 2024
Raffles City Convention Centre,
Singapore,
Singapore
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22-22 Jun 2024
Worldwide,
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Iger forgoes salary and Chapek takes pay cut as Disney wrestles with COVID-19 |
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By Tom Anstey 31 Mar 2020 |
Chapek recently replaced Iger as CEO, while Iger took up the role of executive chair Credit: Disney
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Disney's executive chair Bob Iger will forgo his salary for the year, with the company's new CEO Bob Chapek also taking a 50 per cent pay cut.
Starting 5 April, Disney has also cut wages by 20 per cent for all VP level executives, while senior VPs will recieve a 25 per cent pay cuts and all executive VPs and above will see a 30 per cent cut.
The sizeable pay cuts among Disney's senior executives account for millions of dollars, with Chapek's new pay packet worth US$2.5m (€2.3m, £2m), with a further US$22.5m (€20.5m, £18.2m) in bonuses. In 2019, Iger's annual compensation totalled US$48m (€43.6m, £38.9m).
All of Disneys theme parks and resorts in the US and Europe remain closed, with limited operations in mainland China, with the operator continuing to pay its hourly parks employees through at least April 18. Beyond that, the company has experienced widespread disruption, with its cruise line suspended, its film and TV production division halted and theatrical distribution delayed both domestically and internationally, as well as its retail stores closed down.
"Our world is facing an unprecedented crisis that has fundamentally upended our lives, creating uncertainty and hardship – while, at the same time, spurring kindness and compassion. And although there are still many unknowns with respect to the impacts of COVID-19, our top priority remains your safety and well-being," said Chapek in a letter to Disney employees.
"This is a trying period for all of us and as we navigate these challenging times together and make adjustments in our daily lives, we’re grateful for everyone’s continued flexibility and understanding.
"The pandemic is also having a devastating impact on the global and US economies, and it’s hitting businesses like ours particularly hard. In a matter of weeks, we’ve experienced widespread disruption across our company
"While I'm confident we will get through this challenging period together and emerge even stronger, we must take necessary steps to manage the short- and long-term financial impact on our company.
"In light of this, we're going to be implementing a variety of necessary measures designed to better position us to weather these extraordinary challenges. Among them, we will be asking our senior executives to help shoulder the burden by taking a reduction in pay. This temporary action will remain in effect until we foresee a substantive recovery in our business. Our executive chair, Bob Iger, has chosen to forgo 100 per cent of his salary.
"As we navigate through these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support. Your dedication and resilience during this difficult time are truly inspiring, and it gives me renewed confidence that we will come through this crisis even stronger than before, as we have so many times in our company’s history."
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News |
1 to 12 of 8716 news stories |
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17 May 2024
The Global Wellness Institute (GWI) has released promising new research on the wellness real estate market at its third-annual Wellness Real Estate & Communities Symposium in Manhattan. The GWI defines wellness real estate as homes ... More
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14 May 2024
Paul Hawco, a seasoned figure in the international wellness industry, has assumed the role of executive director – integrated wellbeing at independent, hospitality group Banyan Group. With a background in therapy and fitness training, Hawco ... More
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10 May 2024
The Ritz-Carlton Reynolds, Lake Oconee in the southeastern US state of Georgia is celebrating a new milestone after unveiling its newly renovated 27,000sq ft destination spa. The vision behind the refresh was to create a ... More
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09 May 2024
Art’otel, Radisson’s contemporary art-inspired lifestyle hotel brand, has strengthened its presence in London with a new hotel in Hoxton fusing art, design and hospitality. The location features 357 art-inspired guest bedrooms and suites all with ... More
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08 May 2024
HoloBike, a holographic training bike that simulates trail rides in lifelike 3D, is aiming to push indoor cycling technology up a gear. A California-based group of engineers and designers, Saga Holographic, have been working on ... More
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08 May 2024
Luxury hotel brand Aman, widely known for its strong spa focus, has just launched its much-talked-about sister brand Janu in Tokyo – complete with a 4,000sq m urban wellness retreat. Janu Tokyo is only the ... More
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07 May 2024
Equinox, has teamed up with health platform, Function Health, to offer 100 comprehensive laboratory tests, giving members vital insights into their internal health as part of an Optimize by Equinox membership. Priced at US$40,000 a ... More
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07 May 2024
Spanish wellness brand SHA Wellness Clinic is busy preparing to bolster its wellness portfolio in 2026 with a hyper-exclusive island wellness enclave in AlJurf, UAE. SHA Emirates Island at AlJurf – created by Abu Dhabi-based ... More
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03 May 2024
The historic Breakers Hotel in Long Beach, California, is set to reopen in mid-2024 as a Fairmont Hotels & Resorts property after a significant restoration and redevelopment project. The project, initially unveiled in 2022 by ... More
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03 May 2024
High-end five-star hotel company Kempinski Hotels is making its mark in Vietnam with a luxury waterfront property overlooking the Saigon River. Set to open by 2026, Kempinski Saigon River – designed by Kengo Kuma & ... More
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01 May 2024
Marriott International has signed a new deal with Neom to open a Ritz-Carlton Reserve property as part of Trojena, a brand new year-round mountain adventure destination in Saudi Arabia. Launching in 2026, Trojena is a ... More
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27 Apr 2024
The Bannatyne Group says it has officially bounced back from the pandemic, with both turnover and profits restored to pre-2020 levels in 2023, according to its year-end results. Owned by former BBC Dragon’s Den investor, ... More
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Lemi Group |
Lemi Group designs and produces treatment tables, chairs and multi-functional furniture and
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