Bob Iger and Bob Chapek Saw Their Salaries Plunge in 2020 According to Report
Though it shouldn’t really come as a surprise, due to a recent proxy filed with the SEC Tuesday, it can be revealed that the salaries for both Bob Iger and Bob Chapek plunged during the last fiscal year.
According to a recent piece in DEADLINE, Bob Iger, who stepped down from his role as CEO in February and now serves as Walt Disney’s Executive Chairman saw his pay package go down from $47 million in 2019 to $21 million in 2020. A huge reason for the discrepancy is that Iger opted to give up his bonus in the wake of thousands of theme park employees and film industry professions being out of work due to the COVID-19 crisis.
According to DEADLINE, Iger’s previous package had a non-equity incentive plan compensation of $21.75 million in 2019. Last year this was reduced to zero.
We can also reveal that both Iger and new CEO Bob Chapek had lower base salaries going from 2019 to 2019 as they agreed to take pay cuts due to the pandemic. Iger’s base salary was $1.6 million (which is down from $3 million) and Chapek’s was $1.8 million. Since this was Chapek’s first year as CEO there are no previous figures to compare his earnings with.
Back in April, after the pandemic forced Disney parks, film productions, cinemas and more to close, Iger announced that he would forgo 100% of his base salary and Chapek 50% of his. Cuts were also made to the base salaries of VPs, SVPs, and EVPs. These reductions, including Iger’s and Chapek’s were lifted on August 23rd.
However, it should be noted that Iger’s payment package ALSO includes $6.9 in stock awards, $9.6 in option awards and $1.8 million in ““change in pension value and nonqualified deferred compensation earnings” and $1.1 million in other compensation.
In the proxy, the compensation committee of the board of directors, which sets pay, said Disney’s financial performance and “strong leadership amidst incredible challenges” would have merited bonuses for top executive officers. But the committee and management agreed that “in light of circumstances this year, that no bonuses should be made.”
Disney’s fiscal year ends in September so its proxy statement is usually the first out of big media companies. Most of the filings for companies that operate on a calendar year arrive in the spring.
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