Walt Disney executive chairman Bob Iger will forgo his entire multi-million dollar salary and other top executives will take pay cuts amid the coronavirus pandemic. According to the LA Times, senior executives, including Iger, would slash their salaries to “shoulder the burden” during the company’s response to the virus.
‘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,’ the company wrote.
Disney chief executive Bob Chapek will reportedly take a 50 per cent salary cut. Chapek replaced Iger as CEO in February after the latter stepped down to focus on other Disney endeavours. Iger’s total compensation during Disney’s most recent fiscal year was $47.5 million. He had a base salary of $3 million.
Most Disney operations have come to a halt amid the COVID-19 crisis as the film, tourism, and theme park industries take hits. Strict social distancing orders and shutdowns have caused closures at several Disney locations in the US and other countries. Disney said that it will continue to pay its hourly park workers through at least April 18.
One positive in Disney’s back pocket is the streaming service Disney+, which apart from some program postponements – like Marvel’s The Falcon and the Winter Soldier – it is relatively unaffected.