Top Disney Execs Forgo Bonuses as Coronavirus Hurts Operations

Disney reduces executive compensation in response to the coronavirus pandemic.
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Disney's  (DIS) - Get Report top executives, including Chairman Bob Iger and Chief Executive Bob Chapek, will forgo their 2020 bonuses "due to the impact of the pandemic on our businesses," the entertainment giant said in a regulatory filing. 

Shares of the Burbank, Calif., company at last check were 2.1% higher at $176.

Iger, who had said he would step down as CEO while staying on as chairman through 2021, received total compensation of $21 million in fiscal 2020, down from $45.7 million a year earlier.

Chapek's compensation package came to $14.2 million.

In a letter to shareholders, the compensation committee said its decisions recognized the executives' "unwavering efforts and leadership throughout the pandemic, while taking into account the pandemic’s impact on the financial performance of the Company and the broader employee workforce."

Last year, Disney said Iger would forgo his salary, while Chapek would take half his expected salary. 

Other top executives, including Alan Braverman, who is senior executive vice president, general counsel and secretary, and Chief Financial Officer Christine McCarthy, saw their compensation packages reduced.

Disney recently said it was canceling its decades-old annual-pass program at its Disneyland and California Adventure theme parks in Anaheim, Calif., amid high levels of coronavirus and the current state-mandated shutdown of those parks.

The coronavirus forced Disney to close its theme parks, suspend its cruise-ship sailings, lay off thousands of employees and delay its film production schedule. 

In November, the company said that all its movies that had been shut down had either restarted or completed filming. 

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