Disney Got $1.6 Billion In Tax Cuts. Now Its Obscenely Paid CEO Is Calling For Layoffs.

$1.6 billion from tax cuts are apparently not enough to stop Disney’s CEO – who received a four year compensation package of over $400 million – from promising layoffs for one of the world’s most successful companies.

Bob Iger, the company’s chairman and CEO, believes that the company will generate $2 billion in savings from the layoffs, especially now that it has acquired 21st Century Fox.

Iger told CNBC in an interview that, “We’re just beginning a consolidation process across the world. And we’ve been candid about that with people in the organization. There’s work to do to get to the synergies that we talked about, which were cost synergies. We have consolidation ahead of us.”

When asked if more layoffs were on the horizon, he assured CNBC that they were.

These future layoffs serve to reinforce many of the criticisms of trickle down economics. Despite a generous tax cut and a 40% increase in yearly profits from 2017 to 2018, Disney will shed jobs rather than pass the gains to the workers.

Subscribe to the Labor 411 eNewsletter and support the nation's largest union directory!

By submitting this form, you are consenting to receive marketing emails from: Senders Communications Group, 21201 Victory Blvd. #235, Canoga Park, CA, 91303, http://www.sendersgroup.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Featured Posts:

Kicking it up for Labor Union Night in Philly

There’s nothing like a bit of Union action to amp up the wattage at Talen Energy Stadium (TES). Labor will ...
Read More

Labor Leader Elected Head of California Democratic Party

By Paul Burton California Democratic Party (CDP) delegates elected Los Angeles labor leader Rusty Hicks as chairman of the state ...
Read More
The Westin

Leave a Reply