Bob Iger and Bob Chapek Cut Their Salaries Amidst Disney Parks Closures

The Walt Disney Company announced on March 27th that both Disneyland and Disney World would remain closed until further notice, and now the company’s leadership has responded by taking salary cuts.

We’ve already seen Marriott’s CEO, Arne Sorenson, take similar action during this time, but now executive chairman Bob Iger and CEO Bob Chapek are planning to do the same during these difficult times.

According to The Hollywood Reporter, Iger will be cutting his entire salary, while Chapek is cutting his by 50%. Other top Disney executives will also be taking salary cuts starting on April 5th — 20% for Vice Presidents, 25% for Senior Vice Presidents, and 30% for Executive Vice Presidents and above.

Iger reportedly earned $47.5 million as Chairman and CEO last fiscal year and Chapek was set to make $2.5 million starting out, with the option for a bonus of $7.5 million and an annual long-term incentive grant of $15 million.

Chapek acknowledged the leadership’s sacrifices during this time, saying, “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…”.