Disney's top executives, including executive chairman Bob Iger and chief executive Bob Chapek, are taking pay cuts as the coronavirus pandemic continues to ravage the media giant's stock and impede its operations globally.
The pay cuts will start on April 5 and remain in place "until we foresee a substantive recovery in our business," Chapek wrote in the memo to Disney employees that was reported by multiple outlets on Monday.
Iger, who has been criticized by Disney heiress Abigail Disney in the past for his "insane" pay, is forgoing his full salary. His base salary was $3 million last fiscal year, and he made $47.5 million in total compensation including stock options and awards and bonuses.
Chapek, who became CEO in February, will reduce his salary by half.
Top Disney execs including Bob Iger and CEO Bob Chapek take pay cuts as the company risks losing billions in revenue
Disney's cost-savings measure comes as the media giant's stock slumps and operations face new hurdles due to the coronavirus pandemic.