Disney Executive Chairman Bob Iger foregoes salary amidst Coronavirus financial worries
The Walt Disney Company announced today that it's Executive Chairman Bob Iger is foregoing his entire salary to help the company tide over the financial worries that have hit the company as a consequence of the Coronavirus outbreak.
CEO Bob Chapek, who recently took over from Bob Iger as the CEO of the company, will also take a 50 percent cut in pay. Additionally, all VP's will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent.
Bob Iger is one of the highest-paid executives in the entertainment industry. In the fiscal year 2019, Iger earned $47.5 million as chairman and CEO, and $65.6 million in the fiscal year 2018.
Bob Chapek's base salary as CEO is $2.5 million. He gets an additional target bonus of $7.5 million, and annual incentives of $15 million.
The Walt Disney Company has been hit by considerable financial distress in the wake of the Coronavirus pandemic, which has forced it to shut down its productions, as well as its amusement parks across the world.
Disney has also put off the launch of its streaming service in India, which was originally slated for 29th March. No new launch date is in the offing, as of now.