According to documents filed by The Walt Disney Company, with the Securities and Exchange Commission, Disney CEO took significant pay cuts for 2020. Both Bob Iger and Bob Chapek accepted cuts in executive pay last year. The cuts are due to the challenges of the global pandemic for Disney.
Bob Iger, Disney’s executive chairman, saw his pay package slump to $21 million in fiscal 2020 from $47 million the year before, which included a large bonus.
CEO Bob Chapek earned $14.2 million for the fiscal year ended in September, according to Disney’s proxy filed with the SEC Tuesday.
Both execs had lower base salaries year over year as they voluntarily agreed to shave them during Covid-19. Iger’s was $1.6 million, down from $3 million, and Chapek’s was $1.8 million. There were no year-earlier figure for Chapek, who assumed the CEO post in February.
The compensation committee of the board of directors, which sets pay, noted that Disney’s financial performance and “strong leadership amidst incredible challenges” would have merited bonuses for top executive officers. But the committee and management agreed that “in light of circumstances this year, that no bonuses should be made.”
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