Walt Disney Co. executives will take a pay reduction according to reports

Mar 30, 2020 in "The Walt Disney Company"

Reportedly, Walt Disney Co. executives will be taking a reduction in salaries as the company battles the impacts of the coronavirus.

According to a letter sent to some employees,  CEO Bob Chapek will allegedly take a 50% pay cut, Executive Chairman Bob Iger a 100% pay cut, VP's 20%, SVP's 25%, and EVPs 40%.

Bob Chapek's basic pay as CEO is around $2.5 million, and he is also eligible for an annual target bonus of “not less than 300% of the annual base salary.” It isn't clear which pay cut the 50% relates to.

Pay cuts will be in place until there is a substantive recovery in the business.

The company is facing numerous challenges as the theme parks look to be closed for at least another month following their mid-March shut-down due to the spread of coronavirus.

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Article Posted: Mar 30, 2020 / 11:39am ET