NATIONWIDE – Top executives at The Walt Disney Company will be taking pay cuts amid the coronavirus pandemic.
- Disney executives to take pay cut amid coronavirus crisis
- Executive chairman Bob Iger will forgo entire salary
- Disney CEO Bob Chapek will take 50% pay cut
- The parks remain closed until further notice
Disney executive chairman Bob Iger will forgo his entire salary, the company said Monday, while recently named CEO Bob Chapek will take a 50 percent pay cut.
Iger made $47.5 million in compensation in 2019 while CEO of Disney.
The news of the pay cuts was shared in an email sent to Disney employees.
"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," the email read. "Among them, we will be asking our senior executives to help shoulder the burden by taking a reduction in pay."
Other top executives, effective April 5, will have their salaries reduced by 20 to 30 percent, depending on title, according to the email.
Just last week, Disney announced that Walt Disney World Resort in Florida and Disneyland Resort in California would remained closed "until further notice." Disney has been paying employees while the parks are closed and said it would continue to pay hourly parks and resorts workers through April 18.
In addition to the parks, Disney has canceled itineraries on its cruise line and delayed the release of its films as movie theaters closed.
Earlier this month, Disney warned investors that coronavirus would impact its business segments.