Walt Disney Details 2020 Executive Compensation

(RTTNews) - The Walt Disney Company (DIS) said Executive Chairman Iger's 2020 annual salary was unchanged from his 2019 salary and is equal to the amount set in his employment agreement. For the period from April 5th, 2020 to October 3rd, 2020, Iger took no salary. Iger was paid no bonus with respect to fiscal 2020. The Compensation Committee agreed with Iger to eliminate a $5 million completion bonus.

In connection with the promotion as CEO, the Compensation Committee set Chapek's 2020 annual salary at $2.5 million. For the period from April 5th, 2020 to August 22nd, 2020, Chapek took a 50% salary reduction. Chapek was paid no bonus with respect to fiscal 2020.

In March 2020, each of the company's NEOs agreed to temporarily reduce their base salary, effective with the payroll period commencing April 5, 2020. The Committee set Chapek's target compensation, as a new CEO, both considerably below Iger's compensation. The Compensation Committee determined not to provide bonuses to NEOs in respect of fiscal 2020.

The Compensation Committee determined that the fiscal 2021 bonus plan will incorporate revenue as a company-wide metric to reflect the importance of driving new and existing revenue growth. The company said the plan will continue to measure NEO performance based on a set of other performance factors, which for fiscal 2021 will further emphasize the importance of ESG metrics by including diversity and inclusion.