Disney Executives Sacrifice Their Salaries to Fund Employee Compensation COVID Aid

It looks like the top executives at the Walt Disney Company are trying to help employees during this COVID-19 outbreak.

According to a post that's been making the rounds online, the Mickey Mouse House's top executives have decided to sacrifice their salaries to help fund payments to employees suffering from the economic strain caused by the novel coronavirus pandemic.

Issuing a letter to Disney's employees, Incoming CEO Bob Chapek tells his workers that executives are going to have their salaries reduced beginning the fifth of April. This includes the executive chairman, Bob Iger, who has decided to take a 100% reduction in his salary.

According to Chapek, the VPs of the Walt Disney Company have decided to take salary reductions so that they can "better position" the company in weathering the challenges that the COVID-19 pandemic brings with it.

"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. Our executive chairman, Bob Iger, has chosen to forgo 100% of his salary," Chapek tells Disney's employees.

COVID-19 has certainly had a major impact on the economy and the entertainment industry. Not only has Disney been forced to shut down the operation of its theme parks and resorts in an attempt to prevent the spread of the novel coronavirus, but the company has also been forced to halt the production of its upcoming films and television series.

It's also been forced to delay the release of highly anticipated films like the live-action Mulan and Marvel's Black Widow.

Let's hope the COVID-19 pandemic ends soon.

Read: Star Wars: Joonas Suotamo Shares Touching Concept Art of Chewbacca and Maz Kanata's Reunion

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