With the changing of presidential administrations, this is an incredibly tense time around the country. Things were already reaching a boiling point after the murder of a healthcare CEO in the streets of New York City.
Now, more news has come to light that isn’t going to paint corporate executives in a nice light.
ESPN has recently undergone an extensive round of layoffs. The layoffs were explained as a necessary part of balancing budgets, layoffs, and the changing sports, media, and entertainment world.
These appear to be tough challenges for everyone to navigate. ESPN laid off several well-known faces, including Robert Griffin III, Zach Lowe, and Sam Ponder.
ESPN is owned by Disney, and Disney had its own massive round of layoffs. The massive media conglomerate laid off over 300 people in September, according to the LA Times.
These cuts all came as a part of Bob Iger’s plan to shed $7.5 billion of Disney’s expenses, per FOX Business. However, cutting hundreds of jobs to shed costs seems to have paid massive dividends for Iger himself.
“Disney CEO Bob Iger’s total compensation for the 2024 fiscal year climbed to $41.1 million, according to a proxy filing with the U.S. Securities and Exchange Commission on Thursday – a 30% increase compared to his $31.6 million package in fiscal 2023,” reported Deadline.
“The 2024 pay package included a $1 million salary, $18.25 million in stock awards, $12 million in option awards, $7.22 million in non-equity incentive plan compensation, $495,142 reflecting a change in pension value and non-qualified deferred compensation earnings, and $2,145,767 in ‘other’ compensation, including $523,685 in personal air travel and $1.44 million in security costs.”
It seems while working-class people struggle and lose jobs the rich continue to line their pockets. Hopefully, something will be done to put an end to these sorts of practices.
