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Walt Disney Co. Executive Chairman Bob Iger is one of the Disney executives who will be forgoing their salary beginning in early April due to the coronavirus pandemic. According to the Los Angeles Times, Disney Chief Executive Bob Chapek will also be taking a 50 percent cut.
“This temporary action will remain in effect until we foresee a substantive recovery in our business,” Chapek said.
“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 report adds:
Many other executives will see their pay reduced, as well. Vice presidents at Disney will have their salaries cut by 20%. Pay for senior vice presidents and executive vice presidents will be docked 25% and 30%, respectively. The reductions take effect April 5.
The coronavirus outbreak has led to the cancellation or postponing of many large events including the NCAA Tournament, Coachella, SXSW, the Winter X Games, Stagecoach, Ultra Music Festival in Miami, and more. The NBA, NHL, and MLS have temporarily suspended their seasons.
The coronavirus mainly comes from animals and a majority of those who were infected early either worked at or frequently visited the Huanan seafood wholesale market in Wuhan, according to The Guardian. The virus is similar to Severe acute respiratory syndrome (Sars) and Middle Eastern respiratory syndrome (Mers).
The Wuhan coronavirus is transmitted from person to person through “droplet transmission.” That means an infected person can pass the virus by sneezing or coughing on another person as well as by direct contact.
While a majority of the cases have been detected in China, it has now reached many countries around the world including the United States. It has also been confirmed in Italy, Australia, Canada, France, Germany, and many other eastern countries.
