Walt Disney Co. is restoring executive pay levels to where they were prior to the coronavirus pandemic, according to media reports.
Hollywood news website Deadline first reported Thursday that the executive pay restoration at the Burbank entertainment and media giant would take effect on Aug. 23.
In late March, Chief Executive Bob Chapek told executives in a memo that effective April 5 all vice presidents will have their salaries reduced by 20 percent, senior vice presidents by 25 percent and executive vice presidents and above by 30 percent.
Chapek reduced his salary by 50 percent, while Bob Iger, the executive chairman, would forego his entire salary. It was not known if Chapek and Iger’s salaries are being restored, Deadline reported.
The salary reduction was done to help the company as it struggled through the coronavirus outbreak that resulted in Disney theme parks and cruise lines being shut down, the suspension of film and television production and delays in the release of major feature films. Some of those operations have since resumed.
Shares in Disney (DIS) closed down 68 cents, or half a percent, to $127.44 on the New York Stock Exchange on a day when the major markets closed up.