Disney will join the list of major companies that are instituting sizeable pay cuts for senior executives amid the coronavirus crisis and upheaval.
Bob Iger will forgo his salary for the year, while his CEO successor Bob Chapek has taken a 50% pay cut. The cuts also call for a reduction in salary for all VP level executives starting April 5th – senior VPs will see a 25% pay cut, executive VPs and above will see a 30% cut.
Disney is facing an unexpected economic shock amid the shutdowns and aggressive social distancing measures which has led to Disney theme parks, and their retail and resort operations shutting down along with putting its various major tentpole films on hold.
Source: Variety
