Disney+ Tops 50 Million Subscribers in Just 5 Months as People Social Distance at Home

Bob Iger, the former CEO and now executive chairman of Disney, has decided to forgo his entire salary, while new CEO Bob Chapek has taken a 50% pay cut, The Hollywood Reporter and Variety reported late last month.

The cuts call for a 20% reduction in salary for all VP level executives starting April 5, Variety reported, while Senior VPs will see a 25% pay cut and executive VPs and above will see a 30% cut.

The changes were reportedly outlined in a memo sent to Disney staffers. “This temporary action will remain in effect until we foresee a substantive recovery in our business,” reads the letter, according to both outlets.

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