Bob Iger to Give Up Salary, Other Senior Disney Executives to Take Pay Cuts
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variety.comDisney has joined the list of companies implementing sizable pay cuts for senior executives amid the upheaval caused by the coronavirus crisis.
Bob Iger, who shifted from chairman-CEO to executive chairman last month, has opted to forgo his salary for the year. Bob Chapek, who succeeded Iger as CEO, has taken a 50% pay cut.
Disney outlined the changes in a memo to staffers sent Monday morning. The cuts call for a 20% reduction in salary for all VP level executives starting April 5.
Senior VPs will see a 25% pay cut while executive VPs and above will see a 30% cut. The move comes as Disney is facing an unexpected economic shock amid the shutdowns and aggressive social distancing measures that forced the shutdown of Disney theme parks and
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