Among the ways the COVID-19 pandemic has impacted our lives is forcing numerous businesses to close or, at the very least, reduce their overall output. The Walt Disney Company is no exception; from delaying various movies to shutting down its theme parks, the Mouse House has been weathering this coronavirus storm to the best of its abilities.
There’s no indication when things will start returning to normal across the world, but in the meantime, various Disney executives will be taking salary cuts. In the case of Bob Iger, who stepped down from being Disney’s CEO last month and is still working as the company’s executive chairman, he’s going all the way and forgoing 100% of his salary to help “shoulder the burden,” as mentioned in an email sent out to senior Disney executives (shared by reporter Scott Gustin).
Bob Iger’s CEO successor, Bob Chapek, sent out the email and said he will take a 50% salary cut for the foreseeable future. As for other executives, starting April 5, vice presidents will have their salaries reduced by 20%, senior vice presidents by 25%, and executive vice presidents and those in higher-ranking positions by 30%.
All this is being done until there is a “substantive recovery” in the Disney business. While Bob Chapek said that he is confident that he, the other executives and everyone working at the company will “get through this challenging period together and emerge even stronger,” it became necessary to take steps to “manage the short and long-term financial impact” on the Mouse House.
Along with announcing their temporary pay cuts, Bob Chapek also told the other executives to continue taking the necessary precautions to help flatten the coronavirus curve, which includes working from home, social distancing and frequently washing one’s hands. Chapek concluded the email by expressing gratitude for the employees’ “dedication and resilience” during this difficult time, and he’s hopeful that those at the The Walt Disney Company will “come through this crisis stronger than before.”
Like other studios, Disney’s had to make necessary sacrifices over the last several weeks to ensure the safety of both employees and consumers. Along with several movies that were about to come out, including Mulan and Black Widow, being pushed back, cinematic projects like the live-action Little Mermaid remake have shut down production indefinitely.
Then there are the Disney parks, which were initially supposed to reopen on April 1, but will now remain closed until further notice. For Disneyland, this marks only the third time that the theme park has shut down its operations, with those previous times only lasting a day or less. should be noted, though, that one can make a reservation online for Disneyland or Walt Disney World for June or later right now, possibly indicating when the parks intend to be back up and running.
Keep checking back with CinemaBlend for continuing coverage on how the COVID-19 pandemic continues to affect Disney and the rest of the film and TV industry. For now, keep track of all the movies that have been postponed with our comprehensive guide.