Executive chairman Robert Iger will forgo his entire salary amid the ongoing coronavirus crisis.
The Hollywood Reporter claimed Monday that Walt Disney Co. released the news to employees, confirming CEO Bob Chapek would also take a 50 per cent pay cut.
Chapek reportedly sent an email to employees, announcing other company executives would take salary cuts.
THR stated Iger earned a whopping $47.5 million as chairman and CEO in the last fiscal year.
The publication added that Chapek’s “base salary as CEO was $2.5 million, with an annual target bonus of $7.5 million, and an annual longterm incentive grant of $15 million.”
The email, obtained by THR, read: “Effective April 5, all VPs will have their salaries reduced by 20 per cent, SVPs by 25 per cent and EVPs and above by 30 percent.
“As we navigate through these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support. Your dedication and resilience during this difficult time are truly inspiring and it gives me renewed confidence that we will come through this crisis even stronger than before, we have so many times in our company’s history.”
It was revealed Friday that Disneyland and Walt Disney World would be closed until further notice, along with the parks’ shopping districts, hotels, North American Disney stores, and Disneyland Paris.
A statement read, “While there is still much uncertainty with respect to the impacts of COVID-19, the safety and well-being of our guests and employees remains The Walt Disney Company’s top priority. As a result of this unprecedented pandemic and in line with direction provided by health experts and government officials, Disneyland Resort and Walt Disney World Resort will remain closed until further notice.”