Disney Execs Take Pay Cuts Over Crisis; Retailers Turn to Mass Employee Furloughs

Disney Chairman Bob Iger will forgo his salary and new CEO Bob Chapek will take a 50 percent payout during the coronavirus crisis, Reuters reports. Other Disney executives will also receive 20-30 percent pay decreases effective April 5, according to an internal email. “This temporary action will remain in effect until we foresee a substantive recovery in our business,” wrote Chapek.

Disney parks in California and Florida are closed because of the outbreak until further notice. Workers at each park will continue to be paid through April 18. Meanwhile, big national retailers like Macy’s, Kohl’s and The Gap announced Monday that they will furlough tens of thousands of employees as they prepare to keep their stores closed to curb the spread of the virus. The furloughs will affect nearly 400,000 employees between the three retailers.