The news comes days after the company made the decision to keep all North American theme parks closed until further notice, but before also announcing on their website that they are now taking reservations for June. Other executives in the Walt Disney Co. will also take salary cuts, according to the email.
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 stated, “effective April 5, all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent.”