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Disney chairman to forgo pay, top executives to take large pay cuts amid coronavirus pandemic

ORLANDO, Fla. — In a letter released Monday, Disney CEO Bob Chapek said top Disney executives and leadership are reducing their pay starting April 5.
According to the letter, all VPs salaries will be reduced by 20 percent. At the top level, senior vice presidents by 25 percent and executive vice presidents by 30 percent. Chapek will take a 50 percent pay cut and Disney Chairman Bob Iger will forgo pay.
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“We are navigating through these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge,” Chapek said in the letter.
The announcement comes after the company recently extended its theme park closures.
“Our world is facing an unprecedented crisis that has fundamentally upended our lives, creating uncertainty and hardship – while, at the same time, spurring kindness and compassion,” Chapek said in the letter.
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Meanwhile, Walt Disney World will stay closed until further notice. The company will continue paying hourly park and resort cast members through April 18.
Universal Orlando extended its closure through April 19, with its own plan to continue paying most full and part-time employees.
SeaWorld announced Friday that the company will furlough 90 percent of its employees.

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