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Disney Chair Robert Iger To Forgo Pay, CEO And Other Executives To Take Pay Cuts

Walt Disney Co. (DIS) said that its Chairman and former Chief Executive Robert Iger has agreed to forgo his salary for the year while his successor, CEO Bob Chapek, will take a 50% pay cut because of the impact of the COVID-19 pandemic.

The Company is also effecting reductions in base salary among a broad group of its executive level employees, with vice presidents taking a 20% salary reduction, senior vice presidents by 25%, and executive vice presidents and above by 30%.

In addition to giving up his salary, Iger will waive his right to a car allowance, the company said Monday. Disney will continue to pay him for health-care benefits.

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