Roy Disney’s granddaughter says CEO earns way too much $$$

tryingtounderstand

I just saw This post and am interested in your thoughts. I found her discussion re Disney employees salaries vs CEO salaries Interesting. Disney is not the only corporation in this boat with similar CEO salaries. Maybe these salaries could go toward somewhat increasing employees wages.?


Disney (DIS) CEO Bob Iger made nearly $66 million last year, and a Disney family member thinks that's "insane."

Abigail Disney, the granddaughter of company co-founder Roy Disney, criticized Iger's multimillion dollar pay in several tweets on Sunday. Roy Disney was Walt Disney's brother. "By any objective measure a pay ratio over a thousand is insane," she said of Iger's compensation.Iger's $66 million package last year was 1,424 times that of the median salary of a Disney employee, which is $46,127, according to a study from Equilar. His pay was largely boosted by long-term incentives associated with his contract extension, which was announced alongside the deal for Disney (DIS) to purchase most of 21st Century Fox. This year, his compensation package is worth as much as $35 million.

"There's a point at which there's just too much going around the top of the system into this class of people who — I'm sorry this is radical — have too much money," she said at the event. She dove deeper into her remarks Sunday in nearly two dozen tweets.Last year, the Disney company signed a new deal with unions that would hike the minimum wage for Walt Disney World Resort workers to $15 an hour by 2021. Disneyland workers making minimum wage were bumped up to $15 an hour at the start of this year.Even though that's about double the federal minimum wage of $7.25 an hour, Disney questioned on Twitter why a company that is "more profitable than it's ever been" is paying "anything so close to least the law allows at all." The company reported a record annual profit in 2018. "Pointing out the incongruity of pay at the top and pay at the bottom provokes a reaction because it so violates of our innate sense of fairness it is impossible not to wince," she said. Disney, who also complimented Iger as "brilliant," questioned the $1,000 cash bonusthat the company gave to 125,000 employees last year because of the new tax law. "It's nice to give a bonus to a person pulling down a salary," Disney wrote. "Everybody loves that. You know what everybody loves more than that? A raise. And if the tax cut makes a bonus possible and that tax cut is permanent doesn't it stand to reason you could have given a raise instead?" While acknowledging "complicated" math, Disney proposed spreading around half of Iger's pay and some of executives bonuses, further saying on Twitter that the company "could move significant resources down the line to more evenly share in the great success."She wrapped her criticism saying the company should "at least respect the dignity of those you pay.""If what they do is necessary to conducting your business successfully, then they deserve to be paid what they need to conduct their lives successfully. Because they are contributing something ... to your success. Anyone who contributes to the success of a profitable company and who works full time to do so should not go hungry, should not ration insulin, and should not have to sleep in a car," she stated. She has previously said CEOs are "paid far too much," saying that "if your CEO salary is at the 700, 600, 500 times your median workers' pay, there is nobody on Earth, Jesus Christ himself isn't worth 500 times his median workers' pay."Disney, the company, said in a statement Monday that it has made "historic investments" in its workers' pay and benefits, including education initiatives that allow hourly employees the ability to earn a college or vocational degree "completely free of charge."The company also defended Iger's pay, which it said is "90% performance-based.""He has delivered exceptional value for shareholders: Disney's market capitalization has grown exponentially over the last decade, rising $75 billion in the last month alone, and the stock price has increased to $132 a share from $24 a share when Mr. Iger became CEO in 2005," a Disney spokesperson told CNN Business.

SaveComment5Like
Comments (5)
Thank you for reporting this comment. Undo
Zalco/bring back Sophie!

Bottom line is that it is nobody’s business but the owners of the company how much they pay their CEO. I find it hard to understand how high CEO compensation has gone. In the 80s CEO’s of Fortune 500 companies made much less money, all things considered. I like Abigail Disney. Her perspective on wealth is quite interesting.

2 Likes Save     Thanked by tryingtounderstand
Thank you for reporting this comment. Undo
foodonastump

I went to see how much she inherited, but found instead how much she’s donated and intends to keep donating. Good for her. I agree - and said it at the time - that those one time bonuses so many companies gave out were a joke.

1 Like Save     Thanked by tryingtounderstand
Thank you for reporting this comment. Undo
Stan Areted

Everyone can have an opinion.

But it's true--it's no one's business how much someone else is paid.

Save     Thanked by tryingtounderstand
Thank you for reporting this comment. Undo
Joaniepoanie

I've thought for years that CEO salaries are way too high, especially when they aren't giving raises or better benefits to employees.

1 Like Save     Thanked by tryingtounderstand
Thank you for reporting this comment. Undo
sherwoodva

Too bad Abigail is not on the board of Disney. I just read her Wikipedia bio. Very impressive! Wish all corporate boards would understand that it is time (past time) to put the welfare of the employees over increased values for stockholders.

Save    
Browse Gardening and Landscaping Stories on Houzz See all Stories
Life 5 Ways to Pare Down Your Stuff — Before It Gets in the Door
Want to free up some room around the house? Rethink gift giving, give yourself a shopping mantra and just say, ‘No, thank you’ to freebies
Full Story
Antiques Decorating With Antiques: Silver’s Legacy
Learn how to tell sterling from plate, ways to display pieces and why silver is so darn special to begin with
Full Story
Most Popular Gift Giving the Simple-ish Way
If buying holiday gifts drives you to the spiked holiday punch, try these easier but still rewarding traditions
Full Story