Disney Nixes rewards top executives as it shows the 2020 compensation

2:24 PM PDT 1/19/2021

by

George Salai
And the
Alex Weberin

Disney revealed its total compensation to its top executives in a year that saw the company hit hard by the pandemic after Tangle took over as CEO.

The Walt Disney Company has revealed that CEO Bob Tangle and CEO Bob Iger will be compensated for the company’s final fiscal year, which ended on October 3.

It was a very unusual year, the first in which Shabik led the company, and with nearly every part of Disney’s business affected by the novel coronavirus epidemic. The company says that “under the company’s conditions this year,” all of its top executives will forgo their bonuses, in addition to the cuts announced last summer.

Intertwined, which was Rise to the CEO position In late February, he’s been with the company since 1993 and previously served as chairman of Disney Parks, Experiences & Products since 2018. His compensation package for the most recent fiscal year was $ 14.1 million, reflecting the challenges of the pandemic and this overall pay package is smaller than Iger’s size.

Eger’s compensation for the last fiscal year amounted to $ 21 million, compared to $ 47.5 million for the previous fiscal year and $ 65.6 million in fiscal 2018, which was reinforced by the equity package that Iger received as an incentive to stay with the company after his original work. Planned retirement date.

Disney disclosed compensation to its top executives in a regulatory filing with the Securities and Exchange Commission. All of the company’s top executives saw a significant decrease in their compensation compared to the previous year.

In a letter to shareholders, Disney’s Compensation Committee wrote that the company’s compensation plan for 2020 “was designed to motivate and honor executives for their tireless efforts and leadership throughout the pandemic, taking into account the impact of the pandemic on the company’s financial performance and the broader workforce of employees … The committee looked at this background in Define CEO compensation for the company, including taking measures to reduce NEO compensation in a targeted manner and integrate ESG metrics for diversity and inclusion in direct executives’ compensation structures

Both Chapek and Iger Wage cuts have taken place amid the pandemic. Last week, Los Angeles Mayor Eric Garcetti also revealed that Iger and his wife, University of Southern California Dean Annenberg Willow Bay, had donated $ 5 million to small businesses affected by the pandemic.

The bonus packages also reflect the change in driving at Disney, with Eiger handing daily control to Chapik for nearly a year. As CEO, Iger has focused his efforts on Disney’s content efforts, particularly for streaming platforms. Iger was so It was discussed as a potential ambassador For Biden administration coming, either to China or the United Kingdom

It was also a strategically important year for Disney, even as the novel coronavirus pandemic spreads across the company’s business, shutting down its theme parks, cruise ships, TV and movie productions, while accelerating the shift toward broadcasting, which is what the company tends to cross Disney + and Hulu.

On an investor’s day held last month, Disney announced this Disney had more than 86 million subscribers, laying the groundwork for dozens of original movies and TV shows to debut in service.

At the same time, Disney It took a $ 7 billion hit On the work of its theme parks, and About 32,000 employees are laid off Because of the impact of the epidemic.

“As CEO, and during one of the most challenging environments the company has faced, Mr. Chapek has skillfully managed the colossal disruption in the company’s business while simultaneously restructuring Disney’s media and entertainment business to support creativity and long-term financing for the company’s growth,” the compensation committee wrote in its letter. . “For his part, Mr. Egger has done an enormous job overseeing the company’s creative production to help support the successful launch of Disney + and to set up our DTC platforms for future success.”

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