Disney cuts bonuses for top executives

In a bid to soften the impact of the COVID-19 pandemic,Walt Disney Co announced on Tuesday it had eliminated performance-based bonuses last year for top executives, including Executive Chairman Bob Iger.

The pandemic dealt a major blow to the company’s theme parks and movie studio business though sign-ups on its Disney+ streaming service rose as people sheltered at home during the lockdown.

In a regulatory filing, Disney revealed that Iger received a total compensation of $21 million for fiscal year 2020, significantly lower than the $47.5 million he had received the previous 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.