Politics 28000 Layoffs coming to Disney's domestic theme parks - statement from Josh D'Amaro

This thread contains political discussion related to the original thread topic

LastoneOn

Well-Known Member
Ceo have big salaries for the same reason Doctors and Dentist do : Legal Liability. Only one small bad decision or mistake could cost them jail and to lose all their money and career. They get hundred or thousands of stock holders ready to sue for any bad decision. Just like a doctor with every patient.

People need to stop repeating this anti CEO salary thing, makes you sound uneducated. When covid happened, Disney got huge loans to secure jobs and salaries, 11 billion dollars, but the plan required the parks to open to 25%. The only reason for layoffs is because the California governor is a moron. Disney was going to save every job until we get back to normal.
CEO also gets compensated for their contribution to the companies profitability, and competitive salary and benefits. Running a multi-billion dollar company 24/7 is worth more than a few hundred thousand, or a few million, a year. I've known project heads that have been paid 10% or more of a projects net profits. (and that was 20 years ago) And here, let's look at "non profits"

https://www.erieri.com/blog/post/top-10-highest-paid-ceos-at-nonprofits-2020
 

LastoneOn

Well-Known Member
AKA "any county that matters", such as Orange County, Florida.

Hint: educated people overwhelmingly do NOT live in red counties.



If one CEO forfeited their salary equivalent to just one hour our of their year it would offset an entire year's salary for one or more CM's. Just. One. Hour. Yes, it would make a difference, it wouldn't save all the jobs, but then again maybe they shouldn't have spent 70 billion on FOX just because, at the time, they could.

And no, I'm not equating their importance. But it's laughably naive to think that top level executives do the equivalent work of their compensation. This thought process is basically bootlicking. Also, there is NO CM who's job is to "just park strollers", and you just threw that in to undermine them.

Disneyland remaining closed is a scapegoat by Disney themselves because its better than admitting "we bled money for six months from every aspect of our company oh and also we were planning on doing most of this anyway."
Gotta love the insults. Why did you have to get so insulting because people don't like Warren? Why do you like HER boots? She's your aunt or something???
 

LastoneOn

Well-Known Member
While we're at it: The board of Disney is "highly educated" according to most standards, at least those being tossed around here from our friend Tom. This board decided, using their superior education, to pay its CEO tens of millions in compensation.

So, its that board smart or stupid?? What color are their counties?? Let me guess. So while you tout the supposed superior education of your self, your ilk, consider they are the ones that have made the very decisions you find wrong. Maybe if there were some lowly educated red county people running Disney the the entertainment wouldn't be cut, the spending on parks would be more appropriate, there wouldn't have been billions spent in Asia, the new rides wouldn't be so grossly over priced, hot dogs might only cost a few bucks instead of $8... the napkins would be better quality ...one never knows... But hey, whatever man!
 

Club Cooloholic

Well-Known Member
Ceo have big salaries for the same reason Doctors and Dentist do : Legal Liability. Only one small bad decision or mistake could cost them jail and to lose all their money and career. They get hundred or thousands of stock holders ready to sue for any bad decision. Just like a doctor with every patient.

People need to stop repeating this anti CEO salary thing, makes you sound uneducated. When covid happened, Disney got huge loans to secure jobs and salaries, 11 billion dollars, but the plan required the parks to open to 25%. The only reason for layoffs is because the California governor is a moron. Disney was going to save every job until we get back to normal.
There are lots of reasons CEOs are paid a lot, but liability akin to a doctor isn't one of them. Lawsuits are rare for CEOs and almost always are due to outright fraud...not a "bad decision".
 

lentesta

Well-Known Member
While I agree it is bad show, the reality is even if every executive gave up their entire checks, it would pay for about an hour for each of the laid off employees. It is time politicians start being realistic and actually crunch numbers before making statements like hers.

She also has to remember that Disney has a legal responsibility to their share holders and they would be held accountable if they didn't meet those obligations.

The obligation is to act in the best interest of the shareholders. "Best interest" doesn't mean only money. SCOTUS ruled on this with the Hobby Lobby case in 2015.

Also, if the top 5 executives gave up their 2019 salaries, it works out to around $3,000 per CM.
 
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lentesta

Well-Known Member

Goofyernmost

Well-Known Member
Sounds like you might be describing a giant corporation with record cash flow for years.

To be clear, Disney should have been able to avoid these layoffs, but they were overstaffed for quite some time. What Chapek said about DIsney+ is likely true for layoffs "the pandemic accelerated our plans"
It seems to me that the cash flow has gone down to a faucet drip. I know that while we may deal mostly with 6 figure incomes or less, it is almost impossible to grasp the billions in expenses that Disney incurs every single day, regardless of income. Because they have made billions over the years doesn't make money an endless supply. If people are not coming in and spending the money needed to cover all of that, then something has to give. And when it costs millions a day just on payroll it doesn't take long before it starts to get worrisome. Disney did not create the Pandemic and denial that it exists is just childish, so what has happened is what anyone dealing with a budget, no matter what the number, has to be aware of.
 

lentesta

Well-Known Member
It seems to me that the cash flow has gone down to a faucet drip. I know that while we may deal mostly with 6 figure incomes or less, it is almost impossible to grasp the billions in expenses that Disney incurs every single day, regardless of income. Because they have made billions over the years doesn't make money an endless supply. If people are not coming in and spending the money needed to cover all of that, then something has to give. And when it costs millions a day just on payroll it doesn't take long before it starts to get worrisome. Disney did not create the Pandemic and denial that it exists is just childish, so what has happened is what anyone dealing with a budget, no matter what the number, has to be aware of.

Disney's market cap as of this morning is just under $229 billion. It pays an annual dividend of $3B to its shareholders.

Disney has nearly unlimited means to keep those 28,000 CMs on payroll for at least a year.

For example, Disney could've cut its dividend by 33% - just this once - and paid each CM $35,714. Or they could've issued debt.

The US Supreme Court has already ruled that companies aren't legally required to maximize profits for shareholders. Disney had no financial obligation to fire those CMs. It wasn't inevitable - it was a management choice to favor shareholders over employees.
 

Lilofan

Well-Known Member
Disney's market cap as of this morning is just under $229 billion. It pays an annual dividend of $3B to its shareholders.

Disney has nearly unlimited means to keep those 28,000 CMs on payroll for at least a year.

For example, Disney could've cut its dividend by 33% - just this once - and paid each CM $35,714. Or they could've issued debt.

The US Supreme Court has already ruled that companies aren't legally required to maximize profits for shareholders. Disney had no financial obligation to fire those CMs. It wasn't inevitable - it was a management choice to favor shareholders over employees.
Sad but possibly true I can't recall any publicly traded company favoring employees over shareholders.
 

techgeek

Well-Known Member
Perhaps it would be helpful for Bob & Bob to take a Disney Institute leadership class...




At Disney Institute, we believe and teach business leaders these three concepts to motivate and inspire their team:

  • Vision and Values: Every leader is telling a story about what he or she values. These values must be aligned with the vision for an organization or team. If a leader’s personal values do not align with organizational values, it will be difficult to genuinely express a vision that motivate others.
  • Behaviors over Intentions: Those within an organization will look to a leader as a model to develop their own behaviors and decisions. While people tend to judge themselves based on intentions, they judge others based on actions. As a leader, it is essential that your behaviors are authentic, and reflect your values and your vision. When rallying a team around a new initiative, it is crucial that you demonstrate its importance through your words and deeds. The best motivation can come from a leader’s example every day.
  • Purpose before Task: When assigning new projects to a team, it is important to discuss the purpose behind the task. Tasks that are isolated from the larger goal can become tedious and confusing, finding their way to the bottom of the priorities list. However, if a team understands the common purpose behind individual responsibilities, they will be more inspired to own the tasks as well as the goal.

- “You can design and create, and build the most wonderful place in the world. But it takes people to make the dream a reality.”

-“Leadership means that a group, large or small, is willing to entrust authority to a person who has shown judgment, wisdom, personal appeal, and proven competence.”

- “Ohana means family. Family means nobody gets left behind or forgotten.”
 

Goofyernmost

Well-Known Member
Disney's market cap as of this morning is just under $229 billion. It pays an annual dividend of $3B to its shareholders.

Disney has nearly unlimited means to keep those 28,000 CMs on payroll for at least a year.

For example, Disney could've cut its dividend by 33% - just this once - and paid each CM $35,714. Or they could've issued debt.

The US Supreme Court has already ruled that companies aren't legally required to maximize profits for shareholders. Disney had no financial obligation to fire those CMs. It wasn't inevitable - it was a management choice to favor shareholders over employees.
Legally require? When did anyone ever think that? Fiscally required? You bet your butt they are!
 

wdwmagic

Administrator
Moderator
What / who all got cut?
It is pretty much everything. There will just be a skeleton crew of entertainment left to keep cranking out the cavalcades and the few restaurants appearances.

So many have been let go with decades of experience that if and when entertainment comes back, they will be starting from scratch. So much talent is being lost, and could have been avoided.
 

mm52200

Well-Known Member
It is pretty much everything. There will just be a skeleton crew of entertainment left to keep cranking out the cavalcades and the few restaurants appearances.

So many have been let go with decades of experience that if and when entertainment comes back, they will be starting from scratch. So much talent is being lost, and could have been avoided.
All part time is being let go, most full time is being offered a displacement transfer for the time being. If they turn down the transfer they will be laid off.
All who take the transfer or will be laid off have recall rights for up to two years. They’re all patiently waiting and hoping for the chance to return whenever.
 

Goofyernmost

Well-Known Member
It is pretty much everything. There will just be a skeleton crew of entertainment left to keep cranking out the cavalcades and the few restaurants appearances.

So many have been let go with decades of experience that if and when entertainment comes back, they will be starting from scratch. So much talent is being lost, and could have been avoided.
Well, there have been many discussions on this board alone about how Disney is invincible. I think we are seeing some cracks in that wall. Disney, like everyone and everything else, is capable of self-destruction. This may be the straw the breaks the back of the it's an obligation to go to Disney or you can get arrested for child abuse. We shall see, I guess. Just wondering is Universal going through the same problem. They have a park in Florida and a bigger park in California. Are they doing the same things as Disney?
 

ImperfectPixie

Well-Known Member
Well, there have been many discussions on this board alone about how Disney is invincible. I think we are seeing some cracks in that wall. Disney, like everyone and everything else, is capable of self-destruction. This may be the straw the breaks the back of the it's an obligation to go to Disney or you can get arrested for child abuse. We shall see, I guess. Just wondering is Universal going through the same problem. They have a park in Florida and a bigger park in California. Are they doing the same things as Disney?
There have been cuts, but not anywhere near as deep as Disney's that I know of. I have a friend who works non-guest facing. Those who managed to survive layoffs have had hours cut to 80%, though.
 

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