Disney cuts bonuses for top executives in pandemic fallout

[BENGALURU] Walt Disney said on Tuesday it had eliminated performance-based bonuses last year for top executives, including executive chairman Bob Iger, as the media company looks to soften the impact of the Covid-19 fallout.

The pandemic dealt a major blow to the company's theme parks and movie studio business, while people sheltered at home during the lockdown pumped up sign-ups on its Disney+ streaming service.

Mr Iger received a total compensation of US$21 million for fiscal year 2020, significantly lower than the US$47.5 million he had received in the prior 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 US$14.2 million.

Last year, Disney said Mr Iger would forgo his salary while Mr Chapek took a 50 per cent pay cut amid the coronavirus crisis.

REUTERS