Walt Disney Co. Executive Chairman Bob Iger will forgo his salary starting in April as the company deals with the financial impact of the coronavirus crisis that has shuttered theme parks and film productions.
Disney Chief Executive Bob Chapek said on Monday that senior executives including Iger would have their salaries reduced to “shoulder the burden” of the Burbank entertainment giant’s response to the COVID-19 pandemic. Chapek will take a 50% salary cut.
Chapek was named CEO in February, replacing Iger, who said he wanted to focus on leading Disney’s creative endeavors after 15 years in the top job. Chapek was previously chairman of Disney’s parks, experiences and products segment.
Iger’s annual base salary was $3 million during the company’s most recent fiscal year, while his total compensation was $47.5 million, including a cash bonus and stock awards. Chapek’s base salary is $2.5 million, plus a target bonus of $7.5 million and an annual long-term incentive award of $15 million, according to a regulatory filing.
Read the full story on LATimes.com.