BREAKING: Iger to Forgo Entire Salary and Chapek Takes a 50% Salary Cut


This morning The Walt Disney Co. made the announcement that its executive chairman, Bob Iger, will forgo his entire salary. The new CEO, Bob Chapek, will take a 50% salary cut.

The news comes days after the company decided to keep its theme parks closed, and all cruise ships docked. To be honest, I was wondering if an announcement like this would come. Several other companies have done the same thing, being in this same position.

In the latest fiscal year, Iger earned $47.5 million as chairman and CEO, down from $65.6 million in fiscal 2018. I applaud Bob Iger for forgoing his entire salary. Just another reason he’ll always be someone I admire.

Bob Chapek’s base salary as CEO is $2.5 million, with an annual target bonus of $7.5 million, and an annual long-term incentive grant of $15 million. It’s still not clear whether the 50 percent pay cut will apply to his base salary, or to his entire compensation package.

There was also a company-wide email sent by Chapek on Monday morning, stating the following; “Effective April 5, all VPs will have their salaries reduced by 20 percent, SVPs by 25 percent and EVPs and above by 30 percent.”

The email continued to say; “As we navigate through these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support. Your dedication and resilience during this difficult time are truly inspiring and it gives me a renewed confidence that will we come through this crisis even stronger than before, we have so many times in our company’s history.” 

The Walt Disney Company will also be paying its hourly parks and resorts Cast Members through April 18, 2020.

Want to go on vacation?
We recommend Academy Travel, a Disney Diamond Earmarked agency. Walt Disney World, Disneyland, Disney Cruise Line, Adventures by Disney, Universal Orlando Resort, Sea World and more -- they can do it all, and at no extra cost to you! Fill out the form below or call 609-978-0740 today!

If staying on property, which hotel would you prefer to stay at? Or you can specify Value, Moderate or Deluxe.
Packages offer guests an alotted amount of meal credits plus 2 snack credits per day, plus refillable Resort mug for each guest. Please note this is an upcharge.
How many days will you be spending in the Parks?
Adding Park Hoppers to your Walt Disney World tickets allows you to visit more than one Disney park in one day. Please note that this is an upcharge.
Admission to the Water Parks are not included in base ticket option. Please note that this is an upcharge.
If you plan on participating in a runDisney event during this trip, please let us know!
If you have booked a vacation with an Academy Travel agent in the past, please let us know who. If not, please leave blank.
Please give us any additional details that will make it easier and faster for us to Quote you! This can include requests for special ticketed events, other special requests, accommodations, celebrations etc. Help us help you make the most of your stay! You can also call (609) 978-0740 and mention this form on The Kingdom Insider.
Kristi is the Media and PR Director for The Kingdom Insider. She's a lifelong Disney fan and grew up spending her family vacations at the Happiest Place on Earth. She resides in Florida with her husband and two boys, ages 4 and 6.