Disney Offers VERO Program to Eligible Execs as Part of Ongoing Cost Reduction Efforts

Disney is continuing its efforts to streamline operations and reduce costs by offering eligible executives a Voluntary Early Retirement Offer (VERO). According to a memo from Disney EVP and Chief People Officer Sonia Coleman, the offer is available to U.S.-based executives from Director through EVP level across Disney Entertainment, ESPN, and Corporate. To qualify, executives must be at least 50 years old with a minimum of 10 years at the company and meet certain age and service requirements.

The retirement package includes separation pay of up to one year, depending on an executive's tenure and level, as well as continued healthcare coverage at employee rates throughout their severance period. Existing equity awards will continue vesting for three years, a benefit generally available to employees who retire rather than otherwise leave Disney. Executives accepting the offer will also receive continued Silver Pass access for life, providing complimentary admission to Disney theme parks outside of applicable blackout dates.

The VERO program comes as Disney continues reducing costs following 1,000 job eliminations announced in April and additional layoffs in July. The company has stated that it is focused on reducing costs to invest in areas such as content, technology, and experiences.