Disney Chairman Bob Iger to forgo salary amid virus crisis

spike

FILE PHOTO: A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid

(Reuters) – Walt Disney Inc (DIS.N) 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 (GCI.N) 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.

Reporting by Helen Coster in New York and Munsif Vengattil in Bengaluru; Editing by Aditya Soni and Cynthia Osterman

Source Article

Next Post

Exclusive: American Airlines in talks to hire Millstein for aid advice

NEW YORK (Reuters) – American Airlines Group Inc (AAL.O) is in advanced talks to hire Guggenheim Securities co-chairman James Millstein for advice on tapping a $50 billion industry relief package available from the U.S. Treasury Department to cope with the coronavirus pandemic, people familiar with the matter said. FILE PHOTO: […]