Speaking at an UpGrad webinar, The Walt Disney Company APAC Chairman and Star and Disney India president Uday Shankar said that we have introduced a voluntary salary reduction plan. According to Uday, most of the senior employees of Disney Star India have reacted very positively to the same.
“We have voluntarily rolled out a program for senior executives to take salary cuts. We don’t need to, to be honest we don’t need to. We decided to do that as an investment for the future. We want to be prepared. And I am happy to say that it has been hugely well received. Everybody has been very positive and employees reacted to that extremely positively”.
InsideSport.co could not ascertain that which all employees have voluntarily agreed to the salary cuts.
It is worth noting that Star India’s parent company Walt Disney has announced salary cuts in headquarters in almost every business. Recently it was reported that the top management of ESPN had announced salary cuts for its top management, on air faces and commentators.
ESPN said in a statement: “We are asking about 100 of our commentators to join with our executives and take a temporary salary reduction. These are challenging times and we are all in this together.”
The request for talent pay cuts came on the day it emerged that former Disney chief executive Bob Iger has taken a new leading role in helping the media giant navigate the coronavirus crisis, which has badly hit the company in a number of ways including its theme parks, cruise ships, and film and television production. Iger was replaced by Bob Chapek as Disney CEO in February.
Disney executives are also taking pay cuts, with Iger in particular forgoing his entire salary, and Chapek’s being cut by half.