by Ray Keating
March 30, 2020
Walt Disney Company Chairman Bob Iger will forgo his salary, and CEO Bob Chapek will take a 50 percent pay cut during the coronavirus crisis, according to The Hollywood Reporter, which received a company email sent by Chapek.
The Reporter noted:
Iger has been among the top paid executives in the entertainment and media sector. In the latest fiscal year, Iger earned $47.5 million as chairman and CEO, down from $65.6 million in fiscal 2018.
Bob Chapek's base salary as CEO is $2.5 million, with an annual target bonus of $7.5 million, and an annual long-term incentive grant of $15 million. It isn't clear whether the 50 percent pay cut will apply to his base salary or to his entire compensation package.
Additionally, Chapek's email on Monday states, "effective April 5, all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent."
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Ray Keating is the editor, publisher and economist for DisneyBizJournal.com, and author of The Disney Planner 2020: The TO DO List Solution and the Pastor Stephen Grant novels. He can be contacted at firstname.lastname@example.org.