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.
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.