Disney executives are taking a pay cut because of the coronavirus pandemic, the company's CEO Bob Chapek said in an email to employees on Monday.
Bob Iger, the company's executive chairman, will forgo all of his salary while Chapek, who was named CEO in February, said that he would taking a 50% pay cut. Chapek added that other Disney executives would have their pay cut by 20% to 30% depending on title.
The news comes after the company announced that its Disneyland and Walt Disney World resort would remain closed until further notice because of the outbreak.
Chapek wrote in the email that in a matter of weeks, Disney has "experienced widespread disruption across our company" from its parks and resorts closing to its film and TV production being halted.
"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," he wrote.
Iger's compensation was $48 million in 2019.