Disney Chairman Bob Iger Forgoes $50M Salary & CEO Bob Chapek Takes 50% Pay Cut For Coronavirus Relief
Disney Chairman Bob Iger is giving up his nearly $50M salary, as new CEO Bob Chapek takes a 50% pay cut for coronavirus relief within the company; which has seen a market fall of $36.9 billion in the past month.
While theme parks and productions have shuttered, Disney, like many other companies, is losing billions due to the pandemic. So, entertainment’s highest-paid executive, Iger has decided to forego his multimillion-dollar salary, as CEO Bob Chapek, and other top executives take pay cuts.
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Per Forbes, last year, Iger earned $47.5 million; $3 million in salary, a $21.8 million bonus, $10 million in stock awards and $9.6 million in stock option. Chapek, who is set to give up half of his salary, has a base of $2.5 million and also holds a target bonus of $7.5 million, and an annual long-term incentive grant of $15 million.
In addition to Iger and Chapek, VPs are taking a 20% cut, 25% for SVPs, and over 30% for EVPs and above.
Furthermore, with Disney’s theme park closures, the company faces a $26 billion loss, or $13 million loss per day; and a projected $85 million loss for its now-delayed Mulan film.
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