BREAKING: Salary of Bob Iger, Bob Chapek, and Other Disney Executives to Be Temporarily Reduced

Just a few minutes ago, Bob Chapek (Chief Executive Officer of TWDC) made an announcement highlighting additional steps the Walt Disney Company is taking to manage the short- and long-term financial impact on the company.

Here's the message that was sent to Disney Employees and Cast Members earlier today:

As we've seen, the coronavirus poses significant health risks and has exacted a grave toll on so many lives. As such, it's more important than ever that all of us follow the guidance of health experts and take the necessary precautions, including continuing to work from home, wherever possible, and practicing social distancing. By doing so, we also help to protect our loved ones, neighbors, and friends. [...]

The pandemic is also having a devastating impact on the global and U.S. economies, and it's hitting businesses like ours particularly hard. [...]

In light of this, we are going to be implementing a variety of necessary measures designed to better position us to weather these extraordinary challenges. Among them, we will be asking our senior executives to help shoulder the burden by taking a reduction in pay – effective April 5, all VPs will have their salaries reduced by 20%, SVPs by 25%, and EVPs and above by 30%. I will be taking a 50% reduction in my salary. This temporary action will remain in effect until we foresee a substantive recovery in our business. This temporary action will remain in effect until we foresee a substantive recovery in our business. Our executive chairman, Bob Iger, has chosen to forgo 100% of his salary.

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