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Disney Cuts Bonuses For Top Executives In Pandemic Fallout

Disney Cuts Bonuses For Top Executives In Pandemic Fallout

Walt Disney Co said on Tuesday it had eliminated performancebased bonuses last year for top executives, including Executive Chairman Bob Iger, as the media company looks to soften the impact of the COVID19 fallout.

Walt Disney Co said on Tuesday it had eliminated performance-based bonuses last year for top executives, including Executive Chairman Bob Iger, as the media company looks to soften the impact of the COVID-19 fallout.

The pandemic dealt a major blow to the company’s theme parks and movie studio business, while people sheltered at home during the lockdown pumped up sign-ups on its Disney+ streaming service.

Iger received a total compensation of $21 million for fiscal year 2020, significantly lower than the $47.5 million he had received in the prior year, Disney disclosed in a regulatory filing.

The compensation package of Chief Executive Officer Bob Chapek, who took on the role last February, totaled to $14.2 million.

Last year, Disney said Iger would forgo his salary while Chapek took a 50% pay cut amid the coronavirus crisis.

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