Walt Disney Chairman Bob Iger would forego his salary amid the coronavirus pandemic. Bob Chapek, the company's chief executive last month, will take a 50% pay cut .
Iger will forgo his salary starting in April, as the entertainment company deals with the impact of the coronavirus pandemic.
According to a company email obtained by the Hollywood Reporter, Chapek's base salary as CEO is $2.5 million. Plus, he has an annual target bonus of $7.5 million and an annual long-term incentive grant of $15 million, according to the report. Chapek was named CEO in February, replacing Iger. Chapek was previously chairman of Disney’s parks, experiences and products segment.
Disney mentioned in its March 19 SEC filing, "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".