Bob Iger to Forgo Disney Salary, CEO Bob Chapek Takes 50%

Disney’s high two execs — Bob Iger and newly-installed CEO Bob Chapek — might be taking pay cuts whereas the corporate weathers the coronavirus pandemic.

Iger, who’s now government chairman, will forgo his complete Disney wage, whereas Chapek will take a 50% pay reduce. Other high executives might be taking decreased salaries between 20% and 30% relying on their title. Iger, one of many highest-paid executives in Hollywood, earned $47.5 million throughout the newest fiscal yr.

Early this morning, Disney joined different firms in making deep cuts in salaries for executives. Iger will forego all of his wage. From the company-wide electronic mail: pic.twitter.com/8WGjkqYFxy

— Brooks Barnes (@brooksbarnesNYT) March 30, 2020

Disney didn’t instantly reply for remark. Last week, Disney prolonged the closures of its theme parks indefinitely.

Additionally, resort and parks forged members will proceed to be paid by way of April 18. Park closures had been first introduced on March 13 because of the unfold of the coronavirus. Initially, Disney mentioned it is going to proceed to pay its forged members till the top of March. The firm additionally advisable that any workers in a position to do business from home — together with these at its movie studio and TV enterprise — accomplish that.

Disney additionally raised roughly $6 billion by way of a debt providing this month.

In addition to its theme parks, Disney has suspended cruises and delayed theatrical distribution worldwide as theaters have been ordered to shut and other people to remain of their houses. Some analysts estimate Disney might lose $500 million simply from closing its parks by way of the top of March, and lots of of tens of millions extra relying on how lengthy the unfold of the coronavirus persists.

Disney has additionally been pressured, like many Hollywood movie and TV studios, to close down productions; and the cancellation of different occasions, such because the NBA, have impacted on the corporate’s companies as effectively.

“We expect the ultimate significance of the impact of these disruptions, including the extent of their adverse impact on our financial and operational results, will be dictated by the length of time that such disruptions continue which will, in turn, depend on the currently unknowable duration of the COVID-19 pandemic and the impact of governmental regulations that might be imposed in response to the pandemic,” the corporate mentioned in an SEC submitting earlier this month.