Disney offers buyouts to 600 executives in theme park division
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Walt Disney Co. has offered voluntary buyout packages to about 600 executives at its domestic theme park and resort divisions as it seeks to trim costs in the face of a worsening economy. Directors, vice presidents and other senior executives who work in Disney's two theme park locations in Anaheim and Orlando, Fla.; on its two cruise ships; at Disney's corporate headquarters in Burbank; and at Walt Disney Imagineering have until Feb. 6 to decide whether to take the voluntary separations. The company said that if it did not get enough volunteers it would implement involuntary layoffs with "a lesser severance package."
Read more from The LA Times.
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Well I compliment Iger for aiming the axe where middle management it still up to your armpits, that would mainly be WDW, Parks HQ, and the top of Imagineering always seemed crazy complicated to me since Eisner made it his personal plaything. Also as stated in the article your getting a pretty nice exit.
Although this would be much easier to swallow if his own compensation was not so close to Eisner's in the peak of his dilusional days.
I wonder what "executive" means, because 600 sure seems like a lot of people.
Jeff - Editor - CoasterBuzz.com - My Blog
Nice that this comes out 3 days after it was announced that he received $25 million in stock options, and that his salary last year was over $30 million after stock and bonuses.
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I don't have a problem with that. I think being a CEO is a hard job and you should be compensated well for it. Disney isn't failing by any stretch of the imagination, but it is adjusting to market realities as a preemptive measure. The company is doing the right thing for the shareholders.
Jeff - Editor - CoasterBuzz.com - My Blog
The first 200 times I read the headline, I was reading buyout as in the park was giving them exclusive time in the parks and I couldn't figure out how in the world that was news.
Now I finally got it.
His pay isn't that bad, especially since the bulk of it is in Disney stock. He gets richer as the company he runs does better, which is the way it should be.
Jeff said:I wonder what "executive" means, because 600 sure seems like a lot of people.
My thoughts on that are "if you can afford to eliminate 600 execs, then how many did you HAVE? How many of those were 'essential'? Why were you overemployed to such an extent in the first place, did you think you were going to grow so rapidly you couldn't hire on an 'as-needed' basis?"
You still have Zoidberg.... You ALL have Zoidberg! (V) (;,,;) (V)
WDW alone has over 60,000 employees in many, many divisions. It stands to reason that 600 plus people world-wide would be considered "executive".
A mid-level manager friend of mine was telling me that they are thinking the annual savings with these retired execs out could be in the millions of dollars.
"You can dream, create, design, and build the most wonderful place in the world...but it requires people to make the dreams a reality." -Walt Disney
rollergator said:
Jeff said:I wonder what "executive" means, because 600 sure seems like a lot of people.
My thoughts on that are "if you can afford to eliminate 600 execs, then how many did you HAVE? How many of those were 'essential'? Why were you overemployed to such an extent in the first place, did you think you were going to grow so rapidly you couldn't hire on an 'as-needed' basis?"
I don't take it that they're actually going to get rid of 600 people. They offered the buyouts to 600 people, and said if people don't accept, they'd have to choose people to cut on their own.
To me that reads like they offered 600 people at a certain salary or position level the plan in hopes that 150 or 200 accept it, eliminating the need to do an analysis on each individual as they would have to if they were choosing themselves.
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