By Kimberly Chin 

Walt Disney Co. said Chairman and former Chief Executive Robert Iger has agreed to forgo most of his salary while his successor, CEO Bob Chapek, along with several executives, will take pay cuts as the company works through challenges stemming from the coronavirus outbreak.

In addition to giving up his salary, Mr. Iger will waive his right to a car allowance, the company said Monday. Disney will continue to pay him for health-care benefits.

Mr. Chapek will forgo half of his salary.

Disney said several executives including President and General Counsel Alan Braverman, Finance Chief Christine McCarthy, Human Resources Chief Jayne Parker and Communications Chief Zenia Mucha have agreed to cut 30% off their base salary.

The cuts will take effect starting April 5.

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

March 30, 2020 17:44 ET (21:44 GMT)

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