The news just broke that former CEO and current Executive Chairman of the Walt Disney Company, Bob Chapek, will be completely forgoing his salary during the current pandemic crisis. This was the most notable move after Disney’s new CEO, Bob Chapek, announced that every executive would take a pay cut of at least 20% to help ease the financial the company is facing right now.
Now it needs to be noted that Bob Iger elected to forgo his entire salary. He made the choice to completely relinquish his pay which annually amounts to tens of millions of dollars. And he made that choice for the good of the company.
By forgoing his paycheck Iger is, essentially donating it back into the company. After dedicating years of his life to one of the most beloved entertainment companies on the planet, he is now giving of his own money to ensure that there will be a strong Disney Kingdom waiting on the other side of tomorrow.
I want those reading this that would scoff and exclaim that “fat cats” should automatically get their salaries cut first to look at the voluntary nature of Iger’s decision. We can no longer see him as just another greedy member of the 1%. Rather, as another boss making the necessary sacrifices to keep his company going and ensure that all of his employees continue to be cared for.
But Iger is not alone in making this sacrifice. Scores of business owners across America and the world are having to make those same situations right now. While yes, some are lucky enough to get a paycheck, many of them are forced to go without a paycheck in order to keep the company going; to ensure their employees to have a place of work to return to at the end of this crisis.
Bob Iger gave of himself to build the Walt Disney Company into the powerhouse it is today with Marvel, Pixar, Lucasfilm, and 20th Century Fox now under its umbrella. Every decision he made was to help give the people what they wanted. When he thought he had done all he could as CEO, he stepped aside for someone he saw better suited to lead the company through this tumultuous time. Now, he is voluntarily sacrificing his salary for the company. We can only hope that more corporate leaders follow his example.