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Bulls & Bears host David Asman tells Bill Hemmer Reports how Iger would appease Chinese censors
Senior Disney executives, including Chairman Bob Iger and CEO Bob Chapek, will waive their bonuses for 2020 “in light of the company’s circumstances this year” related to the coronavirus, according to an SEC filing released Tuesday.
The move comes as the entertainment giant has struggled to meet certain performance metrics due to the financial impact of the pandemic. Disney posted a loss of $ 2.8 billion for the full year on revenue of $ 65 billion, with its Parks, Experiences and Products segment taking a hit of $ 7.4 billion for the year complete.
The pandemic has forced Disney to delay many of its blockbuster movie releases, shut down theme parks around the world with some remaining closed indefinitely, extend its cruise line suspension and lay off some 32,000 employees. The company also ended its annual pass program and closed Radio Disney as part of a restructuring.
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Iger, who announced in February 2020 that he would step down as chief executive officer and remain chairman until 2021, saw his total compensation drop to $ 21 million for the company’s last fiscal year, which ended. completed October 3. Iger took a salary of $ 1.56 million for the year, with stock and option awards of $ 6.9 million and $ 9.5 million, respectively.
Iger previously received aggregate compensation of $ 41 million in fiscal 2019, with $ 10 million and $ 9.5 million in stock and option awards, respectively, and 65.6 million dollars in fiscal 2018, with 35.3 million and 8.2 million respectively in stock and option grants, as an incentive to stay with the company after his or her scheduled retirement date.
Meanwhile, Chapek, who took over the role of Iger after serving as president of Disney Parks, Experiences and Products since 2018, received $ 14.1 million in compensation for his first year in the role. A nearly three-decade veteran of the company, Chapek took a salary of $ 1.81 million, plus stocks and options worth $ 6.13 million and $ 3.37 million, respectively.
The bonus cut comes on top of executives’ previous announcement last summer that they would agree to a pay cut.
In addition, other senior Disney executives, including Senior Executive Vice President, General Counsel and Secretary Alan Braverman, Chief Financial Officer Christine McCarthy, Senior Executive Vice President and Director of Communications Zenia Mucha and the Senior Executive Vice President and Chief Human Resources Officer Jayne Parker, have seen their compensation programs cut dramatically.
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In a letter to shareholders, Disney’s compensation committee said its compensation plan was “designed to motivate executives and recognize them for their unwavering efforts and leadership throughout the pandemic, while taking into account the impact of the pandemic on the financial performance of the company and more generally. employee staff. “
“The committee took this context into account when determining the compensation of the company’s executives, in particular by taking measures to significantly reduce the compensation of the NEOs and by further integrating ESG measures for diversity and ‘inclusion in future executive compensation structures,’ noted the committee.
Going forward, the compensation committee plans to remove adjusted earnings per share and adjusted return on invested capital as bonus measures for fiscal year 2021 and will add income as a new criterion.
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Despite the company’s struggles, Disney has seen a boost in the streaming segment of its business, with Disney + gaining a total of 86.8 million subscribers since launching in November 2019. Disney said during his presentation of the day to investors in December that he expects that number to increase. between 230 and 260 million subscribers by 2024.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| Dis | WALT DISNEY COMPANY | 172.26 | +0.82 | + 0.48% |
Disney is diving deep into streaming, with plans to spend between $ 14 billion and $ 16 billion on streaming content by 2024. As a result, the company will increase the price of the service to $ 7.99 per month from March 2021. .
Disney’s selection of movies and TV shows includes over 50 new projects, including 10 new Marvel series, 10 new “Star Wars” series, 15 Live Disney series, Disney Animation and Pixar, and 15 brand new Disney series in action. direct, Disney Animation and Pixar feature films.
The company will also bring new content to Hulu and ESPN +. Hulu now has 38.8 million subscribers, while its cord-cutting Hulu + Live TV channel has 4 million paid subscribers, making it the fifth-largest pay-TV provider overall. Hulu is expected to have between 50 and 60 million subscribers by the end of fiscal 2024.
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