Bob Iger will be forgoing his entire salary amid this worldwide health crisis.
The Walt Disney Co. announced that the 69-year-old executive chairman will no longer be paid during the current situation, and recently named CEO Bob Chapek will be taking a 50% pay cut, according an email from the CEO obtained by The Hollywood Reporter.
Other top Disney executives will also be taking salary cuts during this difficult time.
“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,” Bob Chapek wrote in his email. “Your dedication and resilience during this difficult time are truly inspiring and it gives me renewed confidence that will we come through this crisis even stronger than before, we have so many times in our company’s history.”
In 2019, Bob Iger’s compensation package totaled $48 million, mostly in stock and bonuses tied to the Disney’s strong performance.
Since becoming CEO, Bob Chapek is in line to earn $2.5 million in salary plus bonuses of up to $22.5 million.
News of the pay cuts comes after Disney announced that they will be keeping all North American theme parks closed until further notice.
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