Disney’s Iger will forgo salary as new CEO takes 50% pay cut

    Disney Executive Chairman Bob Iger will forgo his salary and new CEO Bob Chapek will take a 50% pay cut because of the impact of the coronavirus pandemic, according to an internal email written by Chapek.

    Disney will also reduce the salaries of its vice presidents by 20%, senior vice presidents by 25%, and executive vice presidents and above by 30% effective April 5, according to the email.

    “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 said 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.”

    “This temporary action will remain in effect until we foresee a substantive recovery in our business,” wrote Chapek.

    The news comes days after the company made the decision to keep all North American theme parks closed until further notice.

    The company will pay workers at both Disneyland Resort and Walt Disney World Resort through April 18.