[ad_1]
Robert Iger, executive chairman of Walt Disney, saw his salary drop to $ 21 million in fiscal 2020 from $ 47 million the year before, which included a significant bonus.
Specifically, its previous program provided for non-stock incentive compensation of $ 21.75 million. Last year it was zero.
CEO Robert Chapek earned $ 14.2 million for the fiscal year ended September, according to Disney’s proxy filed with the SEC on Tuesday.
Both executives had lower base salaries year on year and they voluntarily agreed to shave them during Covid-19. Iger was $ 1.6 million, compared to $ 3 million, and Chapek’s was $ 1.8 million. There was no figure a year earlier for Chapek, who took over as CEO in February.
Related story
Netflix Executives Respond To Disney Streaming Momentum: “Super-Impressive” But No “Bridgertons” In Forecast
The pandemic has hit Disney hard, shutting down theme parks that account for a third of its revenue. Production was shut down and the movie theaters fell into darkness. On April 5, the company announced that Iger would forgo 100% of his base salary and Chapek for 50% of his. (VPs, SVP and EVP also saw progressive pay cuts.) They were lifted on August 23.
However, despite the success of Covid, Disney’s year was ultimately marked by a sharp turnaround in Wall Street sentiment on the stock and the company based on the exceptional performance of the streaming service Disney +, which increased the number of subscribers at an extraordinary rate. On a fast-paced four-hour Investor Day on December 10, executives showcased more than 100 film and TV projects from across the company, many of which were destined for Disney +, leading to new heights.
In the proxy, the compensation committee of the board of directors, which sets the compensation, noted that Disney’s financial performance and “strong leadership amid incredible challenges” would have deserved bonuses for senior executives. But the committee and management agreed that “given the circumstances this year, no bonus should be paid.”
Media executives (many, not all) had accepted similar pay cuts, unheard of in the entertainment industry, known for its particularly lavish salaries. Proxies, which disclose the salaries of a company’s top five executives, will be revealing this season in terms of salaries and bonuses after a year marked by layoffs and time off.
Disney’s fiscal year ends in September, so its proxy circular is typically the first for major media companies. Most filings from companies that operate in a calendar year arrive in the spring.
The company holds its annual meeting virtually on March 9.
The Iger package also included $ 6.9 million in stock awards, $ 9.6 million in option awards, $ 1.8 million in so-called “change in value of pension plans and unqualified deferred compensation earnings ”and $ 1.1 million in other compensation.
Chapek’s included $ 6.1 million in stock awards, $ 3.4 million in option awards and $ 2.7 million from change in value of pension plans and deferred compensation gains not eligible.
Netflix announced in late December that chairman and co-CEO Reed Hastings is expected to receive $ 34 million in stock options and a salary of $ 650,000 for 2021, Netflix said in an SEC filing Monday. Co-CEO and director of content Ted Sarandos, who takes less of his compensation in stocks, will receive the same, but with options worth $ 14 million and an annual salary of $ 20 million. That’s pretty much flat compared to what they were supposed to earn for 2020. Netflix is a rare company that pre-advertises salaries.
[ad_2]
Source link