Disney Chairman Bob Iger to forgo salary amid virus crisis

Disney Chairman Bob Iger to forgo salary amid virus crisis

Walt Disney Inc Executive Chairman Bob Iger will forgo his salary and newly named Chief Executive Officer Bob Chapek will take a 50per cent pay cut amid the coronavirus crisis, CNBC reported on Monday, citing an internal email.

A screen shows the trading info for The Walt Disney Company company on the floor of the NYSE in New
FILE PHOTO: A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid

REUTERS: Walt Disney Inc Executive Chairman Bob Iger will forgo his salary and newly named Chief Executive Officer Bob Chapek will take a 50per cent pay cut amid the coronavirus crisis, according to an internal email from Chapek.

Disney will reduce the salaries of its vice presidents by 20per cent, senior vice presidents by 25per cent, and executive vice presidents and above by 30per cent 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.

Disney said on Friday its parks in California and Florida will remain closed until further notice, as authorities step up efforts to curb the spread of the coronavirus outbreak in the United States.

The company will pay workers at both Disneyland Resort and Walt Disney World Resort through April 18.

On Monday newspaper publisher Gannett Co Inc also announced compensation changes in response to the pandemic. In an email to staff, CEO Paul Bascobert said the company's executive team will be taking a 25per cent reduction in pay and he will be forgoing pay until Gannett's employee furloughs and pay reductions are reversed.

(Reporting by Helen Coster in New York and Munsif Vengattil in Bengaluru; Editing by Aditya Soni and Cynthia Osterman)

Source: Reuters

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