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Disney cuts bonuses for top executives in pandemic fallout

FILE PHOTO: A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid

(Reuters) - Walt Disney Co said on Tuesday it had eliminated performance-based bonuses last year for top executives, including Executive Chairman Bob Iger, as the media company looks to soften the impact of the COVID-19 fallout.

The pandemic dealt a major blow to the company’s theme parks and movie studio business, while people sheltered at home during the lockdown pumped up sign-ups on its Disney+ streaming service.

Iger received a total compensation of $21 million for fiscal year 2020, significantly lower than the $47.5 million he had received in the prior year, Disney disclosed in a regulatory filing.

The compensation package of Chief Executive Officer Bob Chapek, who took on the role last February, totaled to $14.2 million.

Last year, Disney said Iger would forgo his salary while Chapek took a 50% pay cut amid the coronavirus crisis.

Reporting by Ayanti Bera in Bengaluru, Editing by Sherry Jacob-Phillips

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