Disney is offering voluntary early-retirement packages to eligible U.S.-based executives ranked Director and above, according to an internal memo from Executive Vice President and Chief People Officer Sonia Coleman reported by Deadline.
The offer covers executives across Disney Entertainment, ESPN and Corporate. Sonia Coleman is Disney's Senior Executive Vice President and Chief People Officer.
Disney's Executive Offer Uses a 65-Point Eligibility Test
Deadline reports that eligible executives need 65 points calculated from their age and years with Disney, with a minimum age of 50 and at least 10 years of service. Executives with contracts and most of the company's highest-level executives are excluded.
Separation Pay, Health Coverage and Equity Vesting
The package includes separation pay of up to one year based on tenure and level, health coverage at employee rates during the severance period, and continued vesting of existing equity awards for three years, according to Deadline.
The reported terms also include lifetime Silver Pass access outside blackout dates. Accepting the offer does not prevent an executive from taking another job, and the package does not include a non-compete, Deadline reports.
Executives Must Choose During a Defined Election Window
Coleman wrote that “participation is entirely optional,” according to Deadline. The memo sets a defined election window followed by a confirmation period, but public materials do not specify the dates. The offer does not indicate that any particular executive has accepted or left Disney.
Sources: Deadline's original report and The Walt Disney Company's leadership bio for Sonia Coleman.
Image: Sonia Coleman, from The Walt Disney Company.