October 14, 2020

Elizabeth Warren slams Disney for laying off thousands of workers after awarding fat executive pay packages

New York (CNN Business) - Senator Elizabeth Warren slammed Disney over decisions she says prioritized shareholders and CEO pay packages over the well-being of its workers.

Disney, which is laying off 28,000 employees in the United States, made "short-sighted" business decisions that depleted the storied company's capital cushion, Warren said in a letter released Wednesday.
In particular, Warren called out Disney for "showering its top executives with over-the-top compensation packages and salaries" as well as blowing through a staggering $47.9 billion on share buybacks between 2009 and 2018. Share buybacks are a common, yet controversial, way for companies to reward shareholders by returning excess cash.
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Read the full article at CNN Business here.

By:  Matt Egan
Source: CNN