Bob Iger, the executive chairman and former CEO of Disney, has said that he won't be taking any of his salary during the coronavirus crisis.
According to the New York Times’s Hollywood reporter Brooks Barnes, Bob Chapek, who replaced Iger as Disney CEO, will be taking a 50% cut in his wages.
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Other executives at Disney will take similar cuts of 20% and 30% of their salaries, depending on their role at the company.
The announcement came in an email to Disney personnel.
Early this morning, Disney joined other companies in making deep cuts in salaries for executives. Iger will forego all of his salary. From the company-wide email: pic.twitter.com/8WGjkqYFxy
— Brooks Barnes (@brooksbarnesNYT) March 30, 2020
According to reports, Iger took home $47.5 million in his last year as CEO of the studio.
Disney is among many entertainment companies under strain from the coronavirus pandemic, and not just its studio business.
The Disney resorts and parks have been closed since mid-March, with park cast-members currently being paid up to the end of April.
It's said that Disney could lose as much as $500 million from its park closures alone, with its movie and TV business also being hugely affected.
The $200 million live-action remake of Mulan has been delayed from its planned 27 March release date, with a new date yet to be announced.
Black Widow, the new movie in the Marvel Cinematic Universe, has also been postponed, as has The New Mutants, among its acquisitions from its takeover of the Fox studio.