Comcast CEO, Other Execs Forego Salaries To Aid COVID-19 Relief
KEY POINTS
- Roberts said that $500 million had been raised to support employees
- Disney Chairman Bob Iger foregoes salary, CEO Bob Chapek takes a 50% cut
- Cinemark CEO Mark Zoradi has also chosen to forego his salary
Comcast CEO Brian Roberts joined other top execs in giving their salaries over to help employees and others whose incomes are affected by the lockdown. He will be donating his entire paycheck to various charities doing relief work.
Roberts, according to CBR, is only one of many Comcast higher-ups who will be donating full paychecks to these charities. Roberts made the announcement through a staff memo issued Wednesday.
In the memo, Roberts said that $500 million had been made available to support employees through “continued pay and benefits” as operations had been paused or were impacted by the quarantine. He also revealed that he, along with Mike Cavanagh (CFO), Dave Watson (Cable CEO/Senior Exec VP), Jeff Shell (NBC Universal) and Jeremy Darroch (Sky) had chosen to go along and donate their paychecks.
Roberts isn’t the only high-level media personality to surrender his salary to relief efforts. Forbes reported that Disney's Bob Iger, the highest-paid exec in the entertainment industry, is also
Aside from Bob Iger, Cinemark CEO Mark Zoradi has also chosen to forego his salary. Since the quarantine, companies have been laying people off or enforcing pay cuts. In Disney’s case, a $13 million loss per day has started ever since it announced on March 27 that most of its theme parks would remain closed until further notice, or until the COVID-19 outbreak is over.
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