The Walt Disney Co. said Monday that executive chairman Robert Iger will forgo his salary amid the coronavirus crisis, which is creating economic havoc around the world. Disney has recently put tentpoles like Mulan and Black Widow, starring Scarlett Johansson, on hold until the pandemic passes.
CEO Bob Chapek will take a 50% pay cut, according to an internal email obtained by The Hollywood Reporter. Other executives will also see their salaries trimmed. This news comes days after the company opted to keep all North American theme parks closed until further notice.
“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 tome in our company's history.”
Last year, Iger earned $47.5 million; Chapek’s base salary is $2.5 million, with an annual target bonus of $7.5 million and a long-term incentive grant of $15 million. The cut only applies to Chapek’s base salary.
All told, Hollywood is facing a $20 billion loss from coronavirus, observers say.