Reported today Disney’s Bob Iger to forgo his salary while CEO Bob Chapek will take a 50 percent pay cut due to the Coronavirus crisis.
The Walt Disney Co. said on Monday that executive chairman Robert Iger will forgo his entire salary and recently named CEO Bob Chapek will take a 50% pay cut amid the coronavirus pandemic, according to an email from Chapek sent to employees.
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As we’ve seen, the coronavirus poses significant health risks and has exacted a grave toll on so many lives. As such, it’s more important than ever that all of us follow the guidance of health experts and take the necessary precautions, including continuing to work from home, wherever possible, and practicing social distancing. By doing so, we also help to protect our loved ones, neighbors, and friends.
The pandemic is also having a devastating impact on the global and U.S. economies, and it’s hitting businesses like ours particularly hard. In a matter of weeks, we’ve experienced widespread disruption across our company, with our domestic parks and hotels closed indefinitely, our cruise line suspended, our film and TV production halted and theatrical distribution delayed both domestically and internationally, and our retail stores shut down. While I am confident we will get through this challenging period together and emerge even stronger, we must take necessary steps to manage the short- and long-term financial impact on our company.
In light of this, we are going to be implementing a variety of necessary measures designed to better position us to weather these extraordinary challenges. Among them, we will be asking our senior executives to help shoulder the burden by taking a reduction in pay – effective April 5, all VPs will have their salaries reduced by 20%, SVPs by 25%, and EVPs and above by 30%. I will be taking a 50% reduction in my salary. This temporary action will remain in effect until we foresee a substantive recovery in our business. This temporary action will remain in effect until we foresee a substantive recovery in our business. Our executive chairman, Bob Iger, has chosen to forgo 100% of his salary.