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.