Disney Senior Executives Take Pay Cuts to Counteract COVID-19 Impact On March 30, Disney CEO Bob Chapek announced that the company’s senior executives and vice presidents would have their salaries reduced.
Bob Chapek, via ‘Los Angeles Times’ Chapek said that by taking a pay cut, senior executives would “help shoulder the [financial] burden” caused by the COVID-19 outbreak.
Effective April 5, Executive Chairman Bob Iger, the former CEO of Disney, will forgo his entire salary.
Chapek will take a 50 percent cut to his salary.
Disney vice presidents will receive a 20 percent salary cut, while senior vice presidents and executive vice presidents will receive a 25 and 30 percent cut, respectively.
According to Chapek, the pay cuts will remain in effect until Disney can “foresee a substantive recovery in [their] business.” Bob Chapek, via ‘Los Angeles Times’