Voluntary Buyout Packages for 600 Disney Execs

BURBANK: Some 600 executives at The Walt Disney Company’s theme-park unit have received voluntary buyout packages, in the wake of lower attendance figures.

According to wire reports, Disney has offered the packages mostly to employees with six-figure salaries, with a deadline of February 6 to opt in. The AP reports that Disney sent a letter to employees noting that "an involuntary layoff with a lesser severance package will be required if our goals are not met."

"This immediate action is designed to allow us to effectively manage our business while we continue to deliver an outstanding guest experience and remain focused on achieving long-term growth," Leslie Goodman, the executive VP of Walt Disney Parks and Resorts, is quoted as saying in a statement.