Major executives within the Walt Disney Company are taking pay cuts to relieve financial stress on the company during closures due to the Coronavirus Pandemic. The Disney Parks are currently closed indefinitely, and the pay cuts will remain in effect throughout the closure period. Executives will take pay cuts as follows:
- Bob Iger - Forgoing entire salary
- Bob Chapek - 50% pay cut
- All Executive Vice Presidents (EVPs) - 30% pay cut
- Senior Vice Presidents (VPs) - 25% pay cut
- Vice Presidents (VPs) - 20% pay cut
The announcement was made by Disney in an executive email sent out by Bob Chapek earlier today.
New Disney measures: Iger foregoing 100 percent salary, Chapek reducing salary by 50 percent until “substantive recovery” in Disney business. pic.twitter.com/055wOHaDsi
— Julia Alexander (@loudmouthjulia) March 30, 2020
Pay cuts will go into effect on April 5th, just 13 days before the committed date to continue paying Cast Members.
You can read all we know about the Coronavirus and how it is affecting Disney Parks here.
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