‘As Bulls & Bears’ host David Asman tells ‘Bill Hemmer Reports’ how Iger will appease Chinese sensors
Disney’s top executives, including President Bob Iger and CEO Bob Chapek, will waive their 2020 bonuses “given the company’s circumstances this year” related to the coronavirus, according to an SEC filing released Tuesday. has been announced.
The move comes as the entertainment giant struggled to meet performance standards due to the financial impact of the pandemic. Disney reported a full-year $ 2.8 billion loss on revenue of $ 65 billion, with its Parks, Experiences and and Products segment reaching $ 7.4 billion for the full year.
The pandemic has forced Disney to postpone many of its film reports, close its theme parks worldwide, while some remain silent indefinitely, extend the suspension of its cruise line and lay off about 32,000 employees. The company also ended its annual fitting program and shut down Radio Disney as part of a restructuring.
DISNEY’S BOB IGER, WOMAN WILGE BAY DONATES $ 5ME TO LOST ANGELS SMALL BUSINESSES ENTERING IN PANDEMY
Iger, who announced in February 2020 that he would retire from his role as CEO and remain chairman until 2021, saw that his total remuneration package would drop to $ 21 million for the company’s most recent financial year, which was 3 years ago. October ended. Iger took a salary of $ 1.56 million for the year, with shares and options of $ 6.9 million and $ 9.5 million, respectively.
Iger previously received a $ 41 million compensation package in fiscal 2019, with $ 10 million and $ 9.5 million in equities and option grants, respectively, and $ 65.6 million in fiscal 2018, with $ 35.3 million and $ 8.2 million, respectively. million in shares and option grants, as an incentive to stay with the company after its original planned retirement date.
Meanwhile, Chapek, who took over Iger’s role after serving as chairman of Disney Parks, Experiences and Products since 2018, has a $ 14.1 million compensation package for his first year in the role. Chapek, a veteran of the company for nearly three decades, took a salary of $ 1.81 million, plus shares and options worth $ 6.13 million and $ 3.37 million, respectively.
The reduction in bonuses comes on top of and in addition to the previous announcement by the management members last summer that they will take a pay cut.
In addition, other top executives at Disney, including senior executive vice president, general counsel and secretary Alan Braverman, chief financial officer Christine McCarthy, senior vice president and chief communications officer Zenia Mucha, and senior executive vice president and chief human resources officer Jayne Parker, have significantly reduced their compensation packages.
COVID-19 Delays DISNEYLAND PARIS REOPEN – WEATHER
In a letter to shareholders, Disney’s Remuneration Committee said the compensation plan was “made to motivate and recognize executives for their unwavering efforts and leadership throughout the pandemic, while the pandemic’s impact on the company’s financial performance and the broader account. employee power. “
“The committee considered this background to determine remuneration for the management members of the company, including taking actions to meaningfully reduce the NEO remuneration and integrating ESG measures for diversity and their inclusion in managers’ future remuneration structures,” noted the committee.
From now on, the remuneration committee plans to remove the adjusted earnings per share and the adjusted return on invested capital as bonus statistics for fiscal 2021, and the income will be added as a new criterion.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Despite the company’s struggles, Disney has received a boost in the business segment of its business, and Disney + has gained a total of 86.8 million subscribers since its launch in November 2019. Disney said during its Investor Day presentation in December that it expects the number to grow. to 2024 to 230 to 260 million subscribers.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| DIS | WALT DISNEY COMPANY | 172.26 | +0.82 | + 0.48% |
Disney is diving deep into streaming, with plans to spend between $ 14 and $ 16 billion on streaming content between now and 2024. As a result, the company will increase the price of the service to $ 7.99 per month from March 2021.
Disney’s movie and television shows feature more than 50 new projects, with 10 new Marvel series, 10 new “Star Wars” series, 15 Disney live-action, Disney Animation, and Pixar series and 15 brand new Disney live-action, 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 Hulu + Live TV has 4 million paying subscribers, making it the fifth largest pay-TV provider. Hulu is expected to have between 50 and 60 million subscribers by the end of fiscal 2024.