Disney Executives to Take COVID-19 Pay Cuts
In a move intended to help cut costs during the coronavirus pandemic, Disney (NYSE: DIS) executives are taking reductions in pay while the disruption lasts. Executive Chairman and former CEO Bob Iger is leading the way, giving up his approximately $48 million salary for 2020, while other company leaders will take substantial cuts in remuneration.
Freshly elevated CEO Bob Chapek, who has occupied the post for only about a month, will take a 50% pay cut under the plan, which the company announced in a memo Monday morning. The memo didn't indicate if only Chapek's $2.5 million base salary will be halved, or if the measure applies to his $7.5 million annual bonus and $15 million yearly incentive, too, as noted by The Hollywood Reporter.
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Source Fool.com