Due to the immense hit to the entertainment industry caused by the COVID-19 pandemic, some Disney executives saw major hits to their annual incomes.
Chief Excecutive Officer Bob Iger, who has since been replaced by Bob Chapek, earned just over $21 million dollars in 2020. While that seems like a lot to most people, it is less than half of the $47.5 million in earnings made in 2019.
Bob Chapek made less than Iger, with $14 million in earnings for the 2020 fiscal year. Both executives took pay cuts during this year of financial crisis. There are no past earnings information for Chapek since he was promoted to the position in February of last year.
This announcement comes after a surprising Q4 earnings report, with the company making $14 billion in revenue. The original document showcasing the earnings for Iger and Chapek can be seen here.
“While that seems like a lot to most people, it is less than half of the $47.5 million in earnings made in 2019.”
Oh cry me a freaking river. Are we supposed to pity these people?
In a capitalist Society YES we are supposed to cry when the Top CEOs arent making the $50 million that they worked so hard for (Which in reality is just checking emails & answering emails about how many cuts need to made, checking their portfolios on various platforms like Tdameritrade, Tinder, Facebook, LinkedIn, Twitter)
I don’t feel sorry for these guys. At all. Their salaries are still astronomical. Maybe if they cut their salaries down even more they could have kept thousands of cast members instead of firing them all.
#FireBobChapek
They aren’t doing anyone any “favors” by taking pay cuts like that. They could both live very comfortably on a small fraction of that money — not to mention the astronomical salaries and other compensation they have earned every year previously, which were more than enough without ANY salary for 2020. That they think they are doing something “great” by taking any pay cuts is a real problem. And I am tired of hearing Disney complain they aren’t making any money and cutting services and perks so they can continue to compensate the upper management. There is less and less to like about the Disney company.
Overpaid for destroying a once great company. Disgusting.
While I agree with the, “no pity for these guys” sentiment, there’s something prophetic about executives who take massive pay cuts. Look for more pay cuts to come which will send many Disney execs looking elsewhere. Much of this due to Disney’s failure to convince SoCal government officials to allow reopening.
While I do think their salaries are unnecessary, it’s not out of the ordinary. Massive salaries are common in big corporations. Bob Iger also does a lot of philanthropic work that includes donating his own money. I’m sure a lot of it isn’t even made public. I’m not saying that this is right, just that Disney isn’t the only company doing it. Plus maybe he needs the money for campaigning towards his 2024 presidential bid :).