During a regulatory filing with the United States' Securities and Exchange Commission, Disney disclosed how much its top executives -- CEO Bob Chapek and Executive Chairman of the Board Bob Iger -- earned in 2020 amidst the global COVID-19 pandemic.
While both roles reported a significant decline -- in Iger's case, a nearly 50% decline in earnings -- their 2020 fiscal year earnings totaled in the millions. Chapek earned a total compensation package of $14.1 million and Iger earned $21 million, as confirmed by THR.
In 2019, Iger earned $47.5 million and $65.6 million in the prior fiscal year.
Within a recent letter to its shareholders, Disney spoke of its 2020 compensation packages, stating that they were "made to motivate executives and recognize them for their 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."
Disney's statement added, "The Committee considered this backdrop in determining compensation for the Company’s executives, including taking action to meaningfully reduce NEO compensation and further incorporating ESG metrics for diversity and inclusion into executives’ go-forward compensation structures."
Although Iger stepped down in February from acting CEO of Disney, he assisted Chapek throughout 2020 to ensure as smooth as possible activities at the company. "A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob [Chapek] and the company contend with it, particularly since I ran the company for 15 years!" Iger previously stated in April 2020 about his decision to assist Chapek with the company.
Throughout 2020, Disney faced unprecedented movie and television production halts, closures of its amusement parks globally and laid off nearly 32,000 theme park staff members from the impacts of COVID-19. Although the company suffered extreme setbacks, it did find success in its streaming platform Disney+.
Due, in part, to the COVID-19 pandemic leading to an increase in streaming services' subscribers overall, Disney reported during its 2020 Disney Investor Day event that the platform surpassed 86 million subscribers during 2020. Disney also announced that it plans to release a slew of new, original content in the coming years. Approximately, the streaming service aims to release 10 Marvel Studios series, 10 Star Wars series and 15 Disney live-action, Disney Animation and Pixar series. The prolific streaming service is also planning to add 15 features from Disney, Disney Animation and Pixar within the next few years as well.
Source: THR
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