Back in June, the Oriental Land Company reduced salaries for their executives until March 2021 amid the low business performance surrounding the COVID-19 extended closure. But as a result of disappointing Q2 financial results and predictions that low revenue will continue through the end of the fiscal year in March 2021, the company is cutting executive salaries further for the rest of the fiscal year.
According to an official press release (in Japanese only), these cuts are expected to affect 21 executives and directors within the Oriental Land Company. The following cuts will be made effective November 1st, 2020:
- CEO Toshio Kagami will have his salary reduction increased from 30% to 60%.
- Other Executive-level officers will have their salary reductions increased from 20% to 55%.
- The Board of Corporate Auditors will have their salary reductions increased from 20% to 50%.
- Operating Officers including COO Kyoichiro Uenishi will have their salary reductions increased from 10% to 50%.
All of these salary reductions will be in effect through the end of fiscal year 2020 on March 31st, 2021. These come after all executives returned all salaries between March and June to the company, and took reduced compensation from June through October.
It’s so much better than US. Didn’t American directors still got bonus under pandemic and park closure? Also recent lay offs… American tops people should learn from them.