(Reuters) – Walt Disney Co said Tuesday it had scrapped last year’s performance-based bonuses for top executives, including Government Chairman Bob Iger, as the media company looks to reduce the effect of COVID-19 production.
The pandemic dealt a major blow to the company’s theme parks and film studio business, while people took shelter at home during the lock pumping up signs on their Disney + streaming service.
Iger received total compensation of $ 21 million for fiscal year 2020, significantly lower than the $ 47.5 million it received in the prior year, Disney revealed in a regulatory filing.
Chief Executive Bob Chapek’s compensation package, which he took office in February last year, amounted to $ 14.2 million.
Last year, Disney said Iger would cut his salary while Chapek made a 50% pay cut amid a coronavirus crisis.
Reporting by Ayanti Bera in Bengaluru, Edited by Sherry Jacob-Phillips