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Disney’s Bob Iger, Bob Chapek Skip Bonuses Due to COVID

Bob Iger and Bob Chapek, the 2 males in command of the Walt Disney Firm, noticed their pay packages shrink in 2020 after forgoing bonuses that would have added tens of millions of {dollars} to their compensation.

The belt-tightening got here after Disney introduced it will lay off 32,000 folks, with most of these cuts coming in its parks, experiences and merchandise phase. COVID-19 has upended the media large’s enterprise, shuttering its theme parks for months, closing down its Broadway exhibits and leaving a lot of its theatrically launched films in limbo. The corporate has as a substitute devoted extra sources to streaming providers reminiscent of Disney Plus, which it hopes can tackle Netflix, and just lately did away with its dividend.

Iger, who serves as Walt Disney’s government chairman after greater than a decade as the corporate’s CEO, noticed his pay package deal reduce in half to $21 million for the fiscal 12 months that ends in September, in accordance to public filings. That’s down from $47 million in 2019, a part of which was within the type of a $21.7 million bonus. Iger took a $1.6 million wage, as well as to $6.9 million in inventory awards and $9.5 million in choices.

Chapek, who took over as CEO in February of 2020 after a profitable stint working the theme parks division, earned $14.2 million for the fiscal 12 months. That features a wage of $1.8 million, in addition to $6.1 million in inventory awards and $3.4 million in choices. Disney didn’t launch his prior-year compensation package deal.

Amongst different high executives, reminiscent of Senior VP and Normal Counsel Alan Braverman and Chief Monetary Officer Christine McCarthy, obtained $9.1 million and $11 million in complete compensation, which incorporates wage and inventory choices. Zenia Mucha, Disney’s chief communications officer, earned $4.9 million in complete compensation, whereas Jayne Parker, its chief human sources officer, earned $7.3 million in complete compensation. All the high leaders went with out bonuses.

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