Sen. Elizabeth Warren Slams Disney Execs Over Layoffs

Massachusetts Senator Elizabeth Warren is asking Disney some tough questions following the entertainment giant’s decision to lay off 28,000 park employees at the end of September. Warren wrote a letter on Monday addressed to Walt Disney CEO Bob Chapek and chairman Bob Iger about the reasoning behind the layoffs.

The letter is five pages in total, but Sen. Warren gets to the heart of the matter right away:

“I write to express concern about The Walt Disney Company’s (Disney) recent decision to lay off 28,000 workers during an economic recession while reinstating pay rates for highly compensated senior executives,” Warren wrote. “In the years leading up to this crisis, your company prioritized the enrichment of executives and stockholders through hefty compensation packages, and billions of dollars’ worth of dividend payments and stock buybacks, all of which weakened Disney’s financial cushion and ability to retain and pay its front-line workers amid the pandemic.”

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