Experts say top execs pledging to forgo their own salaries amid cost-cutting efforts will be repaid, making their current cuts merely a loan to the company disguised as a financial sacrifice
Disney’s Bob Iger made $3 million in base salary but $47.5 million in total compensation in 2019.
Take Disney, which has furloughed more than 100,000 employees. On March 30, the company disclosed that executive chairman Bob Iger would forgo his $3 million salary and other top executives like CEO Bob Chapek — who makes $2.5 million in base salary — would have their pay cut in half. While relinquishing base salary may have been a move toward forging solidarity with employees, Iger makes much more annually in additional compensation , which likely remains unaffected.
Lachlan Murdoch disclosed April 22 that he will give up his $3 million base salary, but his non-salary compensation in fiscal 2019 was $39.1 million. And CAA partners Richard Lovett, Bryan Lourd and Kevin Huvane, Endeavor heads Ari Emanuel and Patrick Whitesell, Cinemark's Mark Zoradi and Live Nation's Michael Rapino all announced they'd take no salary amid the pandemic.
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