Former Disney CEO Bob Iger and other top executives will reportedly take a pay cut during the coronavirus crisis.
Iger will forgo his entire salary while top execs, including new CEO Bob Chapek, will take a 50% pay cut, according to a report published Monday by The Hollywood Reporter.
Bob Iger, who has been among the top paid executives in the entertainment and media sector, will forgo his entire salary amid the coronavirus pandemic https://t.co/ZQRM4ubSPG
— The Hollywood Reporter (@THR) March 30, 2020
The news was reportedly given to staff in an email sent by Chapek, THR reported. The email allegedly informed staff that “all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent” effective April 5.
“As we navigate through these uncharted water, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support,” Chapek said in the email. “Your dedication and resilience during this difficult time are truly inspiring and it gives me renewed confidence that will we come through this crisis even stronger than before, we have so many tome in our company’s history.”
The news comes days after Disney made the decision to shut down theme parks until further notice. (RELATED: Bob Chapek Named New CEO Of Disney, Bob Iger To Direct Creative Endeavors)
Iger earned $47.5 million as chairman and CEO in 2019, according to THR. Chapek, who took over the CEO position in February, has a base salary of $2.5 million.
Disney also warned investors that Disney could be taking a financial hit during the coronavirus pandemic in a filing on March 19.
“There has been a disruption in creation and availability of content we rely on for our various distribution paths, including most significantly the cancellation of certain sports events and the shutting down of production of most film and television content,” Disney wrote in a filing with the Securities and Exchange Commission.