Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla has cut prices of its electric cars in North America following a decline in auto demand during the coronavirus-induced lockdowns. The company is also reducing the prices for its vehicles in China. The luxury electric car maker has reduced the prices for its flagship Model S sedan and the Model X sport utility vehicle by $5,000 each. The U.S. Food and Drug Administration granted approval for Artesunate for Injection 110 mg, powder and solvent for solution to biopharmaceutical company Amivas (US), LLC as the only FDA-approved drug now in the U.S. for the first-line treatment of severe malaria in adult and pediatric patients. It is also the first FDA-approved product that Amivas has introduced to their commercial portfolio. Retail giant Walmart Inc. is entering the fashion resale market through its partnership with thredUP, an online consignment store for second-hand fashion and accessories. The deal will enable Walmart to expand its online fashion offerings. Walmart said that starting Wednesday, customers can browse nearly 750,000 pre-owned items across women's and children's clothing, accessories and footwear.
Follow RTT