2020–2022: Bob Chapek's leadership, and COVID-19 pandemic Bob Chapek, who had been with the company for 18 years and was chairman of Disney Parks, Experiences and Products, became CEO of Disney after Iger resigned on February 25, 2020. Iger said he would stay with the company as an executive chairmen until December 31, 2021, to help with its creative strategy. In April, Iger resumed operational duties as executive chairman to help the company during the COVID-19 pandemic, and Chapek was appointed to the board of directors. During the pandemic, Disney closed all of its theme parks, delayed the release of several movies, and stopped all operations on its cruise line. Due to the closures, Disney announced it would stop paying 100,000 employees but would still provide full healthcare benefits, and urged U.S. employees to apply for government benefits, saving the company $500 million a month. Iger gave up his $47.5 million salary and Chapek took a 50% salary reduction. In the company's second fiscal quarter of 2020, Disney reported a $1.4 billion loss, with a fall in earnings of 91% to $475 million from the previous year's $5.4 billion. By August, two-thirds of the company was owned by large financial institutions. In September, the company dismissed 28,000 employees, 67% of whom were part-time workers, from its Parks, Experiences and Products division. Chairman of the division Josh D'Amaro wrote; "We initially hoped that this situation would be short-lived, and that we would recover quickly and return to normal. Seven months later, we find that has not been the case." Disney lost $4.7 billion in its fiscal third quarter of 2020. In November, Disney laid off another 4,000 employees from the Parks, Experiences and Products division, raising the total to 32,000 employees. The following month, Disney named Alan Bergman as chairman of its Disney Studios Content division to oversee its film studios. Due to the COVID-19 recession, Disney closed its animation studio Blue Sky Studios in February 2021. Touchstone Television ceased operations in December, and Disney announced in March 2021 it would be launching a new division called 20th Television Animation to focus on mature audiences. In April, Disney and Sony agreed to a multi-year licensing deal that would give Disney access to Sony's films from 2022 to 2026 to televise or stream on Disney+ once Sony's deal with Netflix ended. Although it performed poorly at the box office because of COVID-19,