Disney's top executives, including executive chairman Bob Iger and chief executive Bob Chapek, are taking pay cuts as the coronavirus pandemic continues to ravage the media giant's stock and impede its operations globally.

The pay cuts will start on April 5 and remain in place "until we foresee a substantive recovery in our business," Chapek wrote in the memo to Disney employees that was reported by multiple outlets on Monday.

Iger, who has been criticized by Disney heiress Abigail Disney in the past for his "insane" pay, is forgoing his full salary. His base salary was $3 million last fiscal year, and he made $47.5 million in total compensation including stock options and awards and bonuses.

The cost-savings measure comes after Disney lost nearly one-third of its market value in the past month, as the coronavirus pandemic dragged on the stock market as a whole.

Disney is one of media companies hit hardest by the pandemic, which impeded its operations around the world. The company was forced to shutter its theme-park operations globally, including closing its profitable US parks and hotels indefinitely. Its film releases have been delayed, and TV and movie productions have been halted. The loss of live sports has also hamstrung its cable network ESPN.

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Disney executive chairman Bob Iger, who has been among the top paid executives in the entertainment and media sector, will forgo his entire salary amid the coronavirus pandemic. Head to the link in bio to see what other Disney execs are taking pay cuts. Photo: @gettyentertainment

A post shared by Hollywood Reporter (@hollywoodreporter) on Mar 30, 2020 at 11:32am PDT

"The pandemic is also having a devastating impact on the global and US economies, and it's hitting businesses like ours particularly hard," Chapek wrote in the memo. "In a matter of weeks, we've experienced widespread disruption across our company." Disney has said it will continue paying the cast members who work at its domestic parks through April 18.