Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • BW TV
  • Subscribe to Print
BW Businessworld

Disney Cuts Bonuses For Top Executives In Pandemic 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.

Photo Credit :

1582784243_aVCflk_2020_02_26T141902Z_1_LYNXNPEG1P1H9_RTROPTP_4_FOX_M_A_DISNEY.JPG

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.

(Reuters)


Tags assigned to this article:
disney COVID-19 fallout Disney+ streaming service