BURBANK (CNS) - Walt Disney Co. Executive Chairman Robert Iger will give up his salary for the year in light of the coronavirus pandemic, while CEO Bob Chapek will take a 50 percent pay cut, the executives announced Monday.
The moves come amid cutbacks in film and TV production and indefinite closures of Disney theme parks, cutting into the Burbank-based company's bottom line.
In a company-wide email obtained by The Hollywood Reporter and other media outlets, Chapek wrote that the company is "implementing a variety of necessary measures designed to better position us to weather these extraordinary challenges."
"Among them, we will be asking our senior executives to help shoulder the burden by taking a reduction in pay -- effective April 5, all VPs will have their salaries reduced by 20%, SVPs by 25% and EVPs and above by 30%," he wrote.
"... As we navigate through these uncharted waters, we're asking much of you and, as always, you are rising to the challenge and we appreciate your support," Chapek wrote. "Your dedication and resilience during this difficult time are truly inspiring and it gives me renewed confidence that we will come through this crisis even stronger than before."
According to THR, Iger earned $47.5 million in the last fiscal year as chairman/CEO. Chapek's base salary is $2.5 million.