The entertainment industry is starting to feel the economic effects of the global coronavirus pandemic as the Walt Disney Co. announced that its chairman, Bob Iger, will be foregoing his entire base salary due to the pandemic.

According to The Hollywood Reporter, Iger’s base salary will be reduced to just the amount needed to include the 69-year-old executive in the company’s health benefits plan.

Under Iger's leadership, Walt Disney has seen immense growth. Iger was behind the acquisition of several entertainment companies under the Disney umbrella. These companies include Pixar, Marvel Entertainment, Lucasfilm, and 20th Century Fox.

Iger isn’t the only executive in the entertainment company to receive salary cuts. Bob Chapek, the recently named CEO that took over the position after Iger stepped down, is giving up 50 percent of his base salary. In an email sent to employees, Chapek also announced that vice-presidents will get a 20 percent pay cut. Senior vice-presidents will get 25 percent cut from their base salary, while executive vice-presidents and above will have their base salaries cut by 30 percent.

Forbes provides a breakdown of the salary Iger is giving up. The outlet notes that Iger is the highest-paid executive in entertainment, with his earnings standing at $47.5 million. Making up that $47.5 million are Iger’s base salary, a bonus, stock awards, and a stock option. His base salary, which is the only thing he is giving up, amounts to $3 million. He still has a $21.8 million bonus, stock awards amounting to $10 million, and a stock option that amounts to $9.6 million.

The Walt Disney Co. has already warned investors that the company’s financials are going to experience a slump due to the coronavirus pandemic. Both Walt Disney World and Disneyland have had to close down in an effort to stem the spread of COVID-19. Also closed are all the Disney stores in North America. Disney Paris is also closed.

The quick spread of COVID-19 in the United States and around the world has resulted in a number of canceled or postponed events. The BTS Map of the Soul tour, the Met Gala, the Cannes Film Festival, Coachella, and the UEFA Champions League have all had to postpone to avoid further spreading the virus.

According to the Mar. 30 situation report by the World Health Organization, there are now 693,224 confirmed cases of the coronavirus around the world. The number of deaths stands at 33,106. The European Region has the most number of confirmed cases at 392,757, with the number of new cases amounting to 31,726. Total deaths stand at 23,962, with 2,535 new deaths added.