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Bob Iger will be forgoing his entire salary amid this worldwide health crisis.

The Walt Disney Co. announced that the 69-year-old executive chairman will no longer be paid during the current situation, and recently named CEO Bob Chapek will be taking a 50% pay cut, according an email from the CEO obtained by The Hollywood Reporter.

Other top Disney executives will also be taking salary cuts during this difficult time.

“As we navigate through these uncharted waters, we’re asking much of you and, as always, you are rising to the challenge and we appreciate your support,” Bob Chapek wrote in his email. “Your dedication and resilience during this difficult time are truly inspiring and it gives me renewed confidence that will we come through this crisis even stronger than before, we have so many times in our company’s history.”

In 2019, Bob Iger’s compensation package totaled $48 million, mostly in stock and bonuses tied to the Disney’s strong performance.

Since becoming CEO, Bob Chapek is in line to earn $2.5 million in salary plus bonuses of up to $22.5 million.

News of the pay cuts comes after Disney announced that they will be keeping all North American theme parks closed until further notice.

Bob Iger has made the surprise announcement that he is stepping down as the CEO of Disney, earlier than many have expected.

It has been known for some time that Iger was preparing to step down and Hollywood has been wondering who would succeed him for quite a while now.

Iger‘s contract with Disney is through December 31, 2021 and he will remain with the company as chairman and he will continue to lead the company’s creative endeavors.

Bob Chapek, who was the chairman of Disney Parks, Experiences, and Products, is stepping into the role of CEO effective immediately.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said in a statement. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”

It has been reported that Chapek‘s salary has been increased to $2,500,000 a year.

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Chapek said in a statement. “Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

Iger was named the CEO of Disney in 2005 and his annual pay for 2019 was a whopping $47.5 million.

Click through the gallery for photos of Bob Iger with Disney talent… More Here! »

Should we expect to see some The Mandalorian spinoff shows?

Disney CEO Bob Iger teased during an earnings call that the studio is considering some new shows based on its characters, THR reported on Tuesday (February 4).

PHOTOS: Check out the latest pics of The Mandalorian

During the call, he revealed that the show will run past Season 2, “including the possibility of infusing it with more characters and taking those characters in their own direction in terms of series.”

The Mandalorian recently got a Season 2 premiere date at Disney+. Find out when the hit series will return!

READ MORE: George Lucas Met Baby Yoda & The Photo Is So Incredibly Cute

The Mandalorian has set a release date for season two!

The series will return to Disney+ in October, Variety reports.

Disney chief Bob Iger also revealed that the show may feature more characters whose stories might be taken in “new directions” for potential spin-off series.

Additionally, Marvel’s The Falcon and the Winter Soldier will premiere in August, and WandaVision will premiere on the streaming service in December.

See first looks at WandaVision, Falcon and the Winter Soldier, and Loki in Disney+’s 2020 Super Bowl commercial if you missed it!

READ MORE: George Lucas Met Baby Yoda & The Photo Is So Incredibly Cute

Kerry Washington is gorgeous in a plaid ensemble while hitting the carpet at the Television Academy’s 2020 Hall Of Fame Induction Ceremony held at Saban Media Center on Tuesday (January 28) in North Hollywood, Calif.

The 42-year-old actress was joined at the event by Jessica Szohr, Cicely Tyson and Disney Boss Bob Iger, who Kerry helped honor that night with an introduction into the Hall of Fame.

“Racing off to the TV Hall of Fame ceremony to honor a hero of mine 📺 Without him, Scandal would not have existed,” Kerry captioned with her Instagram post. “It was a honor to induct Bob Iger into the TV Hall of Fame tonight. Bob, thank you for helping so many of us step into our own greatness because you stepped into yours. Forever grateful to you. P.S. @geraldinelaybourne with the photo bomb 😍. Another inspiration and leader in this industry! And another inductee!”

READ MORE: Kerry Washington Modeled All The Cutest Coats To Prepare For Sundance Visit

FYI: Kerry is wearing a Khaite dress paired with Christian Louboutin shoes and jewelry by Effy Jewelry, Retrouvai and Sarah Hendler Estate.

Disney Boss Bob Iger is opening up about that notable phone call between him and Tom Holland that brought the Spider-Man franchise back to the company for one more film.

“I couldn’t tell if he was drunk, but I called him because I knew that he was upset and he wanted to talk to me about the status of Spider-Man,” Bob shared while speaking with US Weekly recently. “And at the time that I called him, he was at a pub in, I think, London with his family, and he said, ‘If it’s noisy, I just stepped out of a pub.’”

He continued that the two “had a good conversation” about the franchise and the future of it at Marvel.

“The reason I called him is I knew how important it was to him and I knew how important he was to us,” Bob adds. “He asked to talk to me about it, to express how upset he was. And because of how much I cared about him, I called him. And he said, ‘Please, please.’ He [pleaded] with me. ‘Is there anything you can do? Just please, sir, please? Is there anything that you can do?’ I said, ‘Tom, I will try.’…I immediately got on the phone afterward and started trying.”

If you missed it, Sony and Marvel came to an agreement regarding the franchise for one more film.

READ MORE: Tom Holland Admits He Was Drunk & Emotional on the Phone with Disney Over Spider-Man Controversy

Jennifer Garner is discussing the holidays!

The 47-year-old Peppermint actress spoke about Halloween on the red carpet with ET at Save The Children’s Centennial Celebration: Once In a Lifetime Gala at the Beverly Hilton Hotel on Wednesday night (October 2) in Los Angeles.

“It definitely gets harder. I mean, I remember one year when I talked both my girls into dressing up as pigs, and they were so cute! And now they would be like, ‘No, mom, ohmygosh, no!’” she admitted.

“So yeah, it’s harder. But they’re gonna be cute, whatever they are,” she went on to say.

“I have kids that are funny and smart, and I think they’re awesome. They change you wholly, and completely and not at all. I’m lucky to have them.”

READ MORE: Jennifer Garner Struggles to Pay Oklahoma Tolls in Funny Video – Watch!

Pictured below: Jennifer Garner poses with Bob Iger and Willow Bay at the Save the Children Gala on Wednesday (October 2) in Los Angeles.