Disney Cuts Bonuses For Top Executives In Pandemic Fallout

Walt Disney Co stated on Tuesday it had eradicated performance-based bonuses final yr for high executives, together with Executive Chairman Bob Iger, because the media firm appears to melt the affect of the COVID-19 fallout.

The pandemic dealt a significant blow to the corporate’s theme parks and film studio enterprise, whereas folks sheltered at dwelling through the lockdown pumped up sign-ups on its Disney+ streaming service.

Iger obtained a complete compensation of $21 million for fiscal yr 2020, considerably decrease than the $47.5 million he had obtained within the prior yr, Disney disclosed in a regulatory submitting.

The compensation bundle of Chief Executive Officer Bob Chapek, who took on the position final February, totaled to $14.2 million.

Last yr, Disney stated Iger would forgo his wage whereas Chapek took a 50% pay minimize amid the coronavirus disaster.

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