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The Walt Disney Company has announced that top Disney executives will take large paycuts amid Coronavirus shutdown that is costing the Disney parks alone upwards of $20 million a day.
Executive Chairman and former CEO Bob Iger will forego his entire Disney salary and newly appointed CEO Bob Chapek will forgeo half of his salary.
This news comes days after the company made the decision to keep the parks closed through (at least) the middle of April though it is looking like the parks will likely remain closed far beyond that.
In an email to Hollywood Reporter, Bob Chapek also announced that, “effective April 5, all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent.”
He went on to say, “As we navigate through these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support. Your dedication and resilience during this difficult time are truly inspiring and it gives me renewed confidence that will we come through this crisis even stronger than before, we have so many times in our company’s history.”
Disney has committed to paying their employees through at least April 18 when another decision will have to be made by the company regarding a continued closure. Over the weekend, it appeared that Disney had blocked out booking at their domestic resorts until June 1st, driving speculation that we are not nearing the end of the Coronavirus pandemic and that Disney will remain closed throughout the spring.
Stay tuned to For the Love of the Mouse for more information as it becomes available.
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