The Walt Disney Company has made a significant announcement regarding the salaries of their top executives during the COVID-19 pandemic. According to The Hollywood Reporter, an internal email sent by Disney announced that Bob Iger was voluntarily forgoing his entire salary, Bob Chapek was waiving 50% of his salary and other top executives were willing to forgo between 20% and 30% of their salaries.
Chapek explained the decision in the email:
This news comes as Disney has been forced to close its theme parks, push back movie releases and watch its sporting content dry up in the wake of COVID-19. Analysts have already forecast that Disney is losing millions and millions of dollars per day in lost revenue. Disney, who has practically looked invincible as a business for quite some time, is now taking drastic measures to ensure its long-term success in these turbulent times.
Photo via Variety