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(Reuters) – Walt Disney Inc (N:DIS) Executive Chairman Bob Iger will forgo his salary and newly named Chief Executive Officer Bob Chapek will take a 50% pay cut amid the coronavirus crisis, according to an internal email from Chapek.
Disney will reduce the salaries of its vice presidents by 20%, senior vice presidents by 25%, and executive vice presidents and above by 30% effective April 5, according to the email. “This temporary action will remain in effect until we foresee a substantive recovery in our business,” wrote Chapek.
Disney said on Friday its parks in California and Florida will remain closed until further notice, as authorities step up efforts to curb the spread of the coronavirus outbreak in the United States.
The company will pay workers at both Disneyland Resort and Walt Disney World Resort through April 18.
On Monday newspaper publisher Gannett Co Inc (N:GCI) also announced compensation changes in response to the pandemic. In an email to staff, CEO Paul Bascobert said the company’s executive team will be taking a 25% reduction in pay and he will be forgoing pay until Gannett’s employee furloughs and pay reductions are reversed.