The Hollywood Reporter has learned today that a number of top executives at The Walt Disney Company will be taking major pay cuts amid the currently ongoing coronavirus pandemic.
Executive chairman and former CEO Robert Iger will forgo his entire salary, while the House of Mouse's newly minted CEO Bob Chapek will take a 50% pay cut to his base salary. Chapek also informed employees via email this morning that several other top executives will also be taking salary cuts.
As per his email, "effective April 5, all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent."
He adds, "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. 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."
Iger is among the most powerful and well-paid executives in the entire entertainment industry and earned over $47.5 million this past fiscal year serving as chairman and CEO. However, despite Walt Disney Studios having the highest-grossing year for a movie studio in 2019, his pay actually took a hit this past year as he earned over $65.6 million the year prior in fiscal 2018.
Chapek, who ascended to arguably the most coveted position in the entertainment industry in late February, has a CEO base salary of $2.5 million, with an annual target bonus of $7.5 million, and an annual long-term incentive grant of $15 million. His reported 50% pay cut will only apply to his base salary and not to his entire compensation package.https://www.comicbookmovie.com/disney/disneys-robert-iger-forgoes-salary-new-ceo-bob-chapek-other-top-execs-taking-pay-cuts-amid-pandemic-a174195" target="_blank">Read More . . .