Bob Iger gives up Disney salary, executives take pay cuts amid virus crisis
The Walt Disney Company has shared that executive chairman Bob Iger will give up his entire salary, and newly-named CEO Bob Chapek will take a 50 percent pay cut amid the ongoing global virus crisis.
As reported by The Hollywood Reporter, this news comes just a few days after Disney announced that their domestic parks will remain closed “until further notice.”
According to an email sent to employees by Chapek, other executives at The Walt Disney Company will also be taking pay cuts. The email stated that “effective April 5, all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent, and EVPs and above by 30 percent.”
In the most recent fiscal year, Iger earned $47.5 million as chairman and CEO. In fiscal 2018 he earned $65.6 million.
Chapek’s base salary as CEO is currently. $2.5 million, according to The Hollywood Reporter, with an annual target bonus of $7.5 million and an annual long-term incentive grant of $15 million. It is currently unclear whether his 50 percent pay cut will apply to his base salary or his entire compensation package.
As of this writing, we are unsure if this newly allotted money will be used to continue to pay Disney’s employees and cast members beyond April 18, when their current pay agreement is set to end.
Stay tuned for future updates on The Walt Disney Company as the ongoing virus crisis unfolds.
I really hope that they make the desicion to pay the seasonal cast members [ct] that works every week, now that they will have more money, because we still on limbo as of today March 30th. I even did not got paid for the week that we closed [only 2 days out of 3]. My third day because I didn’t work it, was not pay to me even though I was on the schedule to work that Friday. And for this coming Thursday I have $0 on my paystub when I was supposed to work last week, this week and so on….
I need help, I Need my weekly paycheck because I’m ill and I need to pay my health Ins and my medicines. Thank you! Yamilka Matos
CEO salary should already be in CM pockets, it’s not that commendable of a gesture when CMs get basically nothing for truly making the parks what they are