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Chapek, she noted, is paid roughly 173 times the median Disney worker.
What kind of person is comfortable with this?
she asked and called for Chapek and Iger to give up some of their annual compensation.
I dont have a role at the company, which is fine with me.
But I am an heir.
And I do carry this name with me everywhere.
Read her full thread below.
I thought it might be a moment for peace and reconciliation.
Look, dividends aren’t ALL bad, given the number of fixed income folks who rely on them.
But still 80% of shares are owned by the wealthiest 10%.
So that excuse only goes so far.
But the REAL outrage is, of course, those bonuses…2/
All 1.5 billion of them.
That’d pay for three months salary to front line workers.
And its going to people who have already been collecting egregious bonuses for years.
The real payday is in the rest of the package 6/
By design because it is taxed differently.
Its the will of their allegedly all-important “owners.”
Iger’s comp will still be 900 times median wage.
7/
But it gets worse.
The way they floated around congratulating themselves it was damn hard to take.
What kind of person is comfortable with this???
who create magic every day.
Our commitment to them will always be our top priority."
If even a whiff of this is sincere, none of this compensation bullshit is possible.
13/
THIS COMPANY MUST DO BETTER.
Disney faces a rough couple of years, to be sure.
The challenges are existential, even.
But that does not constitute permission to continue pillaging and rampaging by management.
Between March 31, 2018 and June 30 of 2019 the company made $11.5 billion of stock buybacks.
Now no one could have foreseen this crisis.
That is an absolutely fair thing to say.
15/
But ANYONE, could have anticipated SOME crisis.
That’s one of the things responsible managers do.
And good, solid, competent management is why they get the “big bucks” we are told.
But those buybacks are beginning to look pretty self indulgent right now 16/
And whom do buybacks enrich?
17/
And therein lies another piece of terrible management, worse even the buy backs and the compensation.
18/
I don’t have a role at the company, which is fine with me.
I’m just a citizen who cares and I think that makes me free to say what I believe.
But I am an heir.
And I do carry this name with me everywhere.
This isn’t all that hard.
This isn’t all that complicated.
Just give up SOME of your already ample compensation, especially this year.
You are bigger than they are.
And as the biggest, most exceptional, most iconic guy in town, you could CHOOSE TO LEAD.
If you do, who knows who would follow you.
We have a moment here.
A crisis24/
is always an opportunity for change.
END
This post has been corrected to differentiate between executive bonuses and dividend plans.
