Robert Iger, executive chairman of Walt Disney, saw his pay package drop to $ 21 million in fiscal 2020 compared to $ 47 million the previous year, which included a big bonus.
Specifically, its previous package had a non-equity incentive plan fee of $ 21.75 million. Last year it was zero.
CEO Robert Chapek earned $ 14.2 million for the financial year that ended in September, according to the Disney power of attorney submitted to the SEC on Tuesday.
Both executives had lower base salaries annually each year, and they voluntarily agreed to shave them off during Covid-19. Iger’s was $ 1.6 million, lower than $ 3 million, and Chapek’s $ 1.8 million. There was no figure earlier for Chapek, who appointed the chief executive in February.
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The pandemic hit Disney hard and closed theme parks that make up a third of its revenue. Production closed and movie theaters went dark. On April 5, the company announced that Iger would waive 100% of its base salary and Chapek 50% of its salary. (VPs, SVPs and EPPs have also seen graduate salary cuts.) It was lifted on 23 August.
Despite the hit of Covid, Disney’s year was finally marked by a sharp turnaround in Wall Street’s sentiment about the stock and the company, based on the excellent performance of the streaming service Disney +, which made the subscribers grow extremely fast. . On a fast-paced, four-hour investor day on Dec. 10, executives unveiled more than a hundred film and TV projects from across the company, many of which are destined for Disney +, leading the stock’s new highs.
In the proxy, the board’s remuneration committee, which determines the salary, noted that Disney’s financial performance and ‘strong leadership amid incredible challenges’ would earn bonuses for top executives. However, the committee and management agreed that “in light of the circumstances, no bonuses should be made this year.”
Managers (many, not all) in the media have agreed to similar salary refunds, something unheard of in the entertainment industry, known for its particularly lavish salaries. Power of attorney, which reveals the payment of the top five executives of a company, will this season give a versatile price for both salaries and bonuses after a year marked by layoffs and looting.
Disney’s fiscal year ends in September, and the proxy statement is usually the first from major media companies. Most documents for companies that work during a calendar year come in the spring.
The company is holding its annual meeting virtually on March 9th.
Iger’s package also allocated $ 6.9 million in equities, $ 9.6 million in option grants, $ 1.8 million in what is called ‘change in pension value and unqualified deferred compensation earnings’, and $ 1.1 million in other compensation.
Chapek’s allocated $ 6.1 million in equities, $ 3.4 million in option grants and $ 2.7 million due to changes in pension value and unqualified deferred compensation earnings.
Netflix announced in late December that Reed Hastings, chairman and co-CEO, would receive $ 34 million in stock options and a $ 650,000 salary for 2021, Netflix said in an SEC filing on Monday. Co-CEO and chief content officer Ted Sarandos, who takes less of his compensation in stock, will receive the same, but with options worth $ 14 million and an annual salary of $ 20 million. This is roughly equal to what they would earn for 2020. Netflix is a rare company that announces salaries in advance.