Disney laid off thousands, top execs made $35 million amid pandemic in 2020

Disney’s latest SEC filing has revealed that while the entertainment juggernaut laid off thousands of employees in 2020, their top two executives earned a total of $35 million in 2020.

The Orlando Sentinal reports that CEO Bob Chapek was paid $14 million while Executive Chairman Bob Iger earned $21 million in 2020 as Disney+ skyrocketed to popularity.

In December, Disney reported that its year-old streaming service has hit nearly 87 million subscribers.

However, the two executives will not receive bonuses this year, the outlet reports, as the company took a major hit due to the coronavirus pandemic, which virtually shut down film production and releases for a time, as well as closed doors and limited capacity at theme parks, a major moneymaker for the organization.

In 2019, Iger earned $47.5 million, 56% higher than 2020. Chapek replaced Iger as CEO in Feb. 2020.

Last summer, the executives announced that they would be taking a pay cut. Per the outlet, Chapek took a temporary 50% pay cut and Iger forewent his salary for the rest of the fiscal year.

The outlet reports, citing the SEC filing, that Chapek’s salary as well as four other executives — who had taken temporary 30% cuts — had their base salaries restored back in August.

In November, it was revealed that the Walt Disney Co. was increasing the number of employees it was laying off by some 4,000 – mostly in its theme parks – bringing the total to 32,000, as the entertainment giant continues to fight coronavirus closings and limits due to the pandemic.