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

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wdwmagic

Administrator
Moderator
Premium Member
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.
The part time entertainment CMs were a major part of what we know of entertainment for the last few decades. There are performers in that group with 20 and 30 years experience of running meet and greets. Many of them are not going to be able to sit around for 2 years waiting for the possibility to return. Many are going to move on to never be seen again. It is a very sad situation for those involved and the guests are going to miss out.
 

mm52200

Well-Known Member
The part time entertainment CMs were a major part of what we know of entertainment for the last few decades. There are performers in that group with 20 and 30 years experience of running meet and greets. Many of them are not going to be able to sit around for 2 years waiting for the possibility to return. Many are going to move on to never be seen again. It is a very sad situation for those involved and the guests are going to miss out.
OH I agree with you 100% about that. The loss of all part time and seasonal performers are a huge loss so many years experience in shows, parades, and meet and greets.
It’s devastating on a lot of different levels. People will have to move on unfortunately and can’t just wait.
Even performers back at work will have to take transfers.
 

flynnibus

Premium Member
And that’s including bonuses, which are incredibly unlikely this year, Chapeks base salary (excluding incentive bonuses) is $2.5 million and Igers is $3 million. $5.5 million divided by 28,000 employees =$196.42 per laid off employee, or about a day and a half of work at $15 an hour.

Even if we assume they get their full bonuses (excluding Igers $20 million in stock) it would equal $34 million or about $1200 per employee, they’d still be laying everyone off, just a week and a half later.

The reality is if they eliminated their salaries it wouldn’t have changed anything, Disneys expenses are in the billions, a few million is a drop in the bucket. The only thing that will save CM jobs is DL reopening and millions of tourists returning to the parks, doesn’t look like DL will happen anytime soon and the millions of tourists returning is even further away.

that’s because you missed in warren’s letter than Disney should have been saving for this moment since 2016 and holding that money instead of returning it to their shareholders...

lol
 

flynnibus

Premium 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.

why do you keep employees who you have no foreseeable use for?

disney did suspend its dividend

Why should TWDC mortgage the entire company to float just one division’s employees?

why should disney jeopardize the fiscal stability of the entire company in a long term manner to keep employees that you have no future for?

your “unlimited resources” postulate is based on a sacrifice the body mindset of being willing to give up everything to do it.

while noble.... it would be stupid and take down a much bigger swath of the company and shareholder long term (and short term) value
 

Lilofan

Well-Known Member
OH I agree with you 100% about that. The loss of all part time and seasonal performers are a huge loss so many years experience in shows, parades, and meet and greets.
It’s devastating on a lot of different levels. People will have to move on unfortunately and can’t just wait.
Even performers back at work will have to take transfers.
I doubt performers will take a transfer to make less money than they are making. Also there are park staff that are still furloughed. So what openings are there?
 

mm52200

Well-Known Member
I doubt performers will take a transfer to make less money than they are making. Also there are park staff that are still furloughed. So what openings are there?
You’ll take a transfer with less pay if it means you get to keep your health insurance, free education, and guaranteed full time hours in Central Florida where people are struggling to find any kind of work.
Other lines of business such as food and beverage, attractions and merchandise are understaffed. Without seasonal, part time or college program cast to rely on they need more cast to fill those positions.
 

Lilofan

Well-Known Member
Because it is the right thing to do for a company of Disney's standing to look after those who have given so much to get the company into the position it has enjoyed for so many years.
That's the right thing to do but D'Amaro still reports to Chapek who calls the shots.
 

Tom Morrow

Well-Known Member
And that’s including bonuses, which are incredibly unlikely this year, Chapeks base salary (excluding incentive bonuses) is $2.5 million and Igers is $3 million. $5.5 million divided by 28,000 employees =$196.42 per laid off employee, or about a day and a half of work at $15 an hour.

Even if we assume they get their full bonuses (excluding Igers $20 million in stock) it would equal $34 million or about $1200 per employee, they’d still be laying everyone off, just a week and a half later.

The reality is if they eliminated their salaries it wouldn’t have changed anything, Disneys expenses are in the billions, a few million is a drop in the bucket. The only thing that will save CM jobs is DL reopening and millions of tourists returning to the parks, doesn’t look like DL will happen anytime soon and the millions of tourists returning is even further away.
Not sure where you got these numbers from. Bob Iger’s salary in 2019 was 42 million.
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???
The people who hate Warren are the gullible red voters who have been convinced by the top 1% that late stage capitalism is good, actually. Also look up the definition of a bootlicker - someone who eagerly allows those with more power and authority to abuse them. Praising corrupt CEOs and asserting that they actually earn their ridiculous salaries and telling 28,000 others that they “just didn’t work as hard as Bob Iger” is a form of bootlicking while being oppressed. [/I]
You keep saying that, but I can't get the numbers to work. Can you show your math, please?


Bob Iger’s salary was 48 million in 2019. Fill in the rest.
 

Lilofan

Well-Known Member
You’ll take a transfer with less pay if it means you get to keep your health insurance, free education, and guaranteed full time hours in Central Florida where people are struggling to find any kind of work.
Other lines of business such as food and beverage, attractions and merchandise are understaffed. Without seasonal, part time or college program cast to rely on they need more cast to fill those positions.
A number of cast in those business units are still on furlough so your feedback of entertainment cast taking jobs away from furloughed cast is slightly flawed.
 

Lilofan

Well-Known Member
Not sure where you got these numbers from. Bob Iger’s salary in 2019 was 42 million.

The people who hate Warren are the gullible red voters who have been convinced by the top 1% that late stage capitalism is good, actually[\i]. Also look up the definition of a bootlicker - someone who eagerly allows those with more power and authority to abuse them. Praising corrupt CEOs and asserting that they actually earn their ridiculous salaries and telling 28,000 others that they “just didn’t work as hard as Bob Iger” is a form of bootlicking while being oppressed.



Bob Iger’s salary was 48 million in 2019. Fill in the rest.
All approved by Disney's board of directors.
 

mm52200

Well-Known Member
A number of cast in those business units are still on furlough so your feedback of entertainment cast taking jobs away from furloughed cast is slightly flawed.
I’m telling you what is happening and has been arranged by STCU.
Most part time in those lines of business are going to be laid off, and be back filled by various displaced full time cast members.
 

Lilofan

Well-Known Member
I’m telling you what is happening and has been arranged by STCU.
Most part time in those lines of business are going to be laid off, and be back filled by various displaced full time cast members.
Understood. Sad to screw the part timers to accommodate others out of a job.
 

mm52200

Well-Known Member
Understood. Sad to screw the part timers to accommodate others out of a job.
It’s unfortunate. The unions fought to protect all full time, but most part time will be impacted. They’ll have recall rights for up to two years with the company and the number laid off will ultimately depend on how many take the transfer or not.
Very sad times overall.
 

disdonald

Member
Because it is the right thing to do for a company of Disney's standing to look after those who have given so much to get the company into the position it has enjoyed for so many years.
I think that sums up what a company should do in this type of environment.

Our country needs to try to save jobs and not eliminate them. It is also not a blue vs red thing either (tired of hearing that)

Helping others less fortunate who have been the face of your company and were primarily responsible for customers returning used to be good business. (Frontline workers make the experience, not the top executives)
Disney has/had options to ensure keeping the staff at least another 6 months.
All top executives take significant pay cuts
All mid-tier executives (most make well over 6 figures) take some type of pay cuts
Cut or remove the dividend (as a former disney shareholder, I would have accepted this no problem)

I am not saying that you could avoid layoffs forever, but I do believe that given the circumstances, trying to help for at least a year (getting your employees through the holiday season) is not unreasonable.
 

wdwmagic

Administrator
Moderator
Premium Member
It’s unfortunate. The unions fought to protect all full time, but most part time will be impacted. They’ll have recall rights for up to two years with the company and the number laid off will ultimately depend on how many take the transfer or not.
Very sad times overall.
Indeed. And we have the situation where there are part timers with decades of service being kicked out to be replaced by a full timer with a handful of years.
 

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