Bob Iger and Bob Chapek, the two men in charge of the Walt Disney Company, saw their pay packages shrink in 2020 after forgoing bonuses that could have added millions of dollars to their compensation.
The belt-tightening came after Disney announced it would lay off 32,000 people, with most of those cuts coming in its parks, experiences and products segment. COVID-19 has upended the media giant’s business, shuttering its theme parks for months, closing down its Broadway shows and leaving many of its theatrically released movies in limbo. The company has instead devoted more resources to streaming services such as Disney Plus, which it hopes can take on Netflix, and recently did away with its dividend.
Iger, who serves as Walt Disney’s executive chairman after more than a decade as the company’s CEO, saw his pay package cut in half to $21 million for the fiscal year that ends in September, according to public filings. That’s down from $47 million in 2019, part of which was in the form of a $21.7 million bonus. Iger took a $1.6 million salary, in addition to $6.9 million in stock awards and $9.5 million in options.
Chapek, who took over as CEO in February of 2020 after a successful stint running the theme parks division, earned $14.2 million for the fiscal year. That includes a salary of $1.8 million, as well as $6.1 million in stock awards and $3.4 million in options. Disney did not release his prior-year compensation package.
Among other top executives, such as Senior VP and General Counsel Alan Braverman and Chief Financial Officer Christine McCarthy, received $9.1 million and $11 million in total compensation, which includes salary and stock options. Zenia Mucha, Disney’s chief communications officer, earned $4.9 million in total compensation, while Jayne Parker, its chief human resources officer, earned $7.3 million in total compensation. All of the top leaders went without bonuses.