As we all try to make the best out of this most uncertain time, companies are doing whtat they can to keep their doors open and the wheels turning. With the news last Friday that Walt Disney World Resorts in here at home and in California are staying closed till further notice, Disney execs have taken a big step in doing their part on the business side of the “magic.”
Announced today, Walt Disney Inc Executive Chairman Bob Iger will forgo his salary and newly named Chief Executive Officer Bob Chapek will take a 50% pay cut amid the coronavirus crisis, according to an internal email from Chapek.
Disney will reduce the salaries of its vice presidents by 20%, senior vice presidents by 25%, and executive vice presidents and above by 30% effective April 5, according to the email. “This temporary action will remain in effect until we foresee a substantive recovery in our business,” wrote Chapek.
The company will pay cast members at both Disneyland Resort and Walt Disney World Resort through April 18.