Disney has announced that their executives will be taking pay cuts in their salary, while chairman Bob Iger will be letting go of his salary due to the financial pressure from the Coronavirus Pandemic. The news has been announced by Los Angeles time who acquired a piece of email which was sent to all the Disney executives by Bob Chapek CEO of Disney.
The email read out “While I am confident we will get through this challenging period together and emerge even stronger, we must take necessary steps to manage the short and long-term financial impact on our company, 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.”
The Disney’s vice president’s will be taking a 20 percent cut in their salaries while the executive vice presidents and senior vice presidents will be taking a cut of 25 to 30 percent in their salaries. Disney has also put a halt towards all their filming uptil now and many films have been postponed to next year.