Disney’s Iger forgoes salary during coronavirus crisis
Walt Disney Co. announced Monday that outgoing chairman Bob Iger will forgo his salary amid the coronavirus crisis gripping the country, according to a company email obtained by The Hollywood Reporter.
Iger, one of the highest-paid executives in the country, took in $47.5 million in compensation in Disney’s last fiscal year.
The media and entertainment giant also announced that Bob Chapek, who was named chief executive in February, will take half his expected salary.
“As we navigate through these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support,” Chapek said in the email.
“Your dedication and resilience during this difficult time are truly inspiring and it gives me renewed confidence that will we come through this crisis even stronger than before, we have so many times in our company’s history,” he added.
The announcements come as a recent SEC filing by Disney warned of the “adverse financial impact” on the company. Disney closed its Florida, California and Paris theme parks more than two weeks ago.
“There are certain limitations on our ability to mitigate the adverse financial impact of these items, including the fixed costs of our theme park business,” the filing said.
“Covid-19 also makes it more challenging for management to estimate future performance of our businesses, particularly over the near to medium term,” it added.
Chapek most recently served as chairman of Disney’s parks, experiences and products segment.
Iger, who announced his intention to step down as CEO in April 2019, will remain chairman through the end of his contract, which expires at the end of 2021.
The 69-year-old succeeded Michael Eisner as CEO in 2005.
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