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The Walt Disney Company announced that executive chairman Bob Iger will forgo his entire salary amid the coronavirus outbreak. The newly named CEO Bob Chapek will take a 50% pay cut to his base salary.
This news comes day after the company made the choice to keep all their North American parks closed until further notice.
Additionally, Chapek's email on Monday states, "effective April 5, all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent."
Iger has been earned one of the highest salaries in the media and entertainment sector for years. In the last fiscal year, he earned around $48 million dollars.
"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 his 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."
There is no word on when the Disney parks will be able to open again.
The company said that it "has been paying its cast members since the closure of the parks, and in light of this ongoing and increasingly complex crisis, we have made the decision to extend paying hourly parks and resorts cast members through April 18."
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