One of media’s highest-paid execs, Iger is taking his pay cut just days after Disney said it would shutter Disneyland Resort in Anaheim, Calif., and Walt Disney World Resort in Orlando, Fla., until “further notice.”
For fiscal 2019, Iger banked a whopping $47.5 million in total compensation as CEO, of which his salary accounted for just $3 million.
News of the pay cut was delivered by Iger’s successor as CEO, Bob Chapek, who also said his $2.5 million base salary — which doesn’t include other compensation of up to $22.5 million in bonuses — will get chopped in half.
“In a matter of weeks, we’ve experienced widespread disruption across our company, with our domestic parks and hotels closed indefinitely, our cruise line suspended, our film and TV production halted and theatrical distribution delayed both domestically and internationally, and our retail stores shut down,” Chapek wrote in a Monday email to staffers.
Iger’s massive pay package has attracted critics over the years, partly because of the huge number of Disney shares amassed by the exec during his 15-year tenure at the top. Last year, the bulk of Iger’s $47.5 million payday, which was down from an eye-popping $65.6 million in fiscal 2018, was linked to performance-based rewards.