Performance-based bonuses were withheld from six Disney executives, according to a Jan. 19 filing with the Securities and Exchange Commission.
Due to the elimination of that bonus and a cut to his base salary, Disney Executive Chairman Bob Iger earned $21 million in the 2020 fiscal year, less than half of what he earned in 2019, when his total compensation package was valued at $47.5 million, the filing shows. Iger earned $65.6 million in 2018.
Bob Chapek, who took over as chief executive in February, received a $14.2 million compensation package in the 2020 fiscal year.
Disney’s top executives agreed to compensation cuts in March, with Iger foregoing his entire base salary starting in April and Chapek taking a 50% cut to his base salary, the filing stated. Senior corporate officers Alan Braverman, Christine McCarthy, Jayne Parker and Zenia Mucha each agreed to a 30% cut to their base salaries.
“In the midst of a global pandemic, we took steps to protect the Company’s long-term interests, continued to deliver entertainment and news when people need it the most and made decisions important to our Company’s future success,” Chapek said in a letter to shareholders in January.
Disney’s theme parks have suffered amid the pandemic, losing nearly $7 billion as of October. The company plans to lay off approximately 32,000 employees by the first half of fiscal year 2021, according to a November regulatory filing.
Disney's revenue totaled $65.38 billion in the 2020 fiscal year, down from $69.61 billion in 2019. The company will report its first-quarter earnings on Feb. 11.
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