BREAKING: Walt Disney Company Senior Executives Take Salary Cuts Due to Unprecedented Disney Parks COVID-19 Closures

Disney has just announced that Senior Executives for the Walt Disney Company will be taking salary cuts to help in the midst of the unprecedented effects of COVID-19 on the company and the indefinite closure of Disney Parks across the globe.

Bob Chapek sent out an email earlier saying all senior executives will have their pays reduced during this period. Chapek himself is having his salary reduced by 50%. Bob Iger has agreed to forgo 100% of his salary. Various decreases in pay for SVPs, EVPs, and VPs have also been enacted: VP by 20%, SVPs by 25%, EVP by 30%. For reference, Bob Chapek’s base salary is currently $2.5 million, according to a document filed with the Securities and Exchanges Commission. He is also eligible for a bonus of “not less than 300% of the annual base salary.”

Here is the full email as posted by @ScottGustin via Twitter:

The salary cuts are temporary, but will remain in effect “until the company forsees a substantive recovery in business”, according to the email sent out by Bob Chapek to Cast Members earlier today. Salary cuts are to go into effect on April 5th.

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Than
Than
2 months ago

About time!

Guest
Guest
2 months ago

It is not fair to put senior executives on pay cuts.

It creates much hardship…

How can you expect them to get by on only 50% salery?

1million 500 thousand does NOT go far these days.

Tata
1 month ago
Reply to  Guest

THIS IS FOR YOU GUEST… Why isn’t it right that they take a pay cut? Employees jobs were furloughed is that ok to you? Anything to help this company get back on its feet and running again I am in support of, anything is right to me. A lot of other companies could learn from companies with the higher ups taking a pay cut in their salaries to help a company get back on their feet again to help it get back to normal. You need to look at the big picture which apparently your not you must be someone… Read more »

Jacqueline Lynn
Jacqueline Lynn
18 days ago
Reply to  Tata

I believe you missed the sarcasm in Guests remarks. A “paycut”
that leaves a man with a million and a half plus bonus is hardly a hardship in anyones world!

Not Bob
Not Bob
2 months ago

Classic Bob. Always cutting budgets…

Tom Corless
Admin
2 months ago
Reply to  Not Bob

Finally his own lol

Ken
Ken
2 months ago
Reply to  Not Bob

Classic Chapek.. not Iger

Steven
Steven
2 months ago

It’s the right thing to do.

Jimmy Douglas
Jimmy Douglas
2 months ago

Just curious, It says salary, does that include bonuses as well?

Seattleite
Seattleite
2 months ago

“His base salary was $3 million last fiscal year, and he made $47.5 million in total compensation including stock options and awards and bonuses.” So he’ll temporary forgo a prorated amount of $3 million, not his total compensation. He’ll use it as a tax write off. Still better than nothing and a nice gesture towards Disney corporation instead of laying off hourly CMs. Chapek should cut his salary by 100% as well, as he’ll still make a fortune from total compensation. Any losses, will be pushed onto the consumer anyways. Expect more cuts and price hikes and blamed on the… Read more »

Than
Than
2 months ago
Reply to  Seattleite

Lots of people are cynical about capitalism these days

No one
No one
2 months ago

So we know why Chapeck took the reigns now?

Mouseketeer
Mouseketeer
2 months ago

Bob Iger’s salary is only about 6.5% of his annual pay. Would Disney seem so giving and charitable if the press statement said “BOB IGER GIVES UP 6.5% OF HIS ANNUAL COMPENSATION TO SAVE DISNEY EMPLOYEES”! Probably not. This is a PR stunt, and nothing else. What will happen to Iger’s his annual $21.8 million bonus, $10 million in stock awards and $9.6 million in stock options??? Bob Chapek’s salary of $2.5 million is about 10% of his annual pay. He also receives a $7.5 million bonus and an annual incentive grant of $15 million. He gets those juicy bonuses… Read more »

Heidi
Heidi
2 months ago
Reply to  Mouseketeer

Maybe they should all give up their salaries right now to pay their employees so they don’t have to go on unemployment.

Tata
1 month ago
Reply to  Heidi

Heidi.
Exactly!’ What is wrong with them giving up their salaries to help those people who lost their jobs to being furloughed bring them back and pay them with the money that they are giving up. I don’t think it will hurt them that bad. Their investments alone will help them out, so they can’t be hurting to bad.
My dream job would be to work for Disney to have an office that overlooked the park that would be amazing and a dream come true!!!

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