The pandemic of COVID-19 is leaving thousands of negative news around the world. In addition to the health impact and social, among its consequences we also find the deep hole that will cause on the economy. The film industry is being particularly affected and, despite the fact that you are looking for alternative measures with which to address topics such as new releases, the studios are going to notice the consequences of the crisis a long time.
For this reason, the higher echelons of Disney have decided to take a step forward and that, if there is any wage that is to be affected, first to be yours. According to reports Variety, Bob Iger, former CEO of the company, has waived his salary all that remains of the year. For his part, Bob Chapek, who took his release in February, has reduced theirs by 50%.
In addition, it has informed all senior officials in the study that are at least level VP (vice president), that their salaries are to be cut from the April 5, between 20 and 30 percentdepending on the position they occupy. Well, since Disney will try not to undertake other cuts that may affect their most vulnerable workers. For example, in their amusement parks the franchise has committed to continue to pay wages in full at least until April 18.
Fox, are especially affected
After the acquisition of 20th Century Fox, now dubbed as the 20th Century Studios, the american giant was forced to a re-structuring in its base executive to make it more similar to the one that had Disney. According to Deadlinein the Fox there were more high-ranking executives from that in Disney before the purchase. And as many of them have kept their jobs, the cuts will significantly.
The highest levels of Fox have a salary that is based in good part on bonds outstanding, leaving the base salary in an amount less than that of his peers at Disney. However, with the arrival of this crisis it is quite likely that over time the bonds will also disappear from the business plan of the company. So, the difference already existing between the two parts of the new conglomerate will be accentuated a particularly intense as a result of the coronavirus.