Walt Disney Co. Executive Chairman Bob Iger saw his pay decline 56 per cent to US$21 million last year, after the company curtailed bonuses and other compensation in the wake of the pandemic.

Chief Executive Officer Bob Chapek, who was promoted to the role at the end of February, earned US$14.2 million, one of the lowest compensation levels for a Disney CEO in more than a decade. Bonuses were eliminated for all of the company’s senior managers.

Disney, the world’s largest entertainment company, was hit mightily by the COVID-19 crisis, which prompted it to close theme parks and dock cruise ships around the world. Like other Hollywood studios, Disney postponed releases of films in theaters. The lost of live sports on television earlier in the year also crimped the company’s advertising business.

The company laid off some 32,000 workers last year and shuttered once-popular attractions such as Radio Disney and the annual-pass program at Disneyland.

Disney said it was making further changes to its compensation program in 2021, including eliminating earnings per share and return on invested capital as metrics used for calculating bonuses. The Burbank, California-based company is adding revenue growth as a criteria.

Despite the setbacks for its businesses, Disney’s shares rose 25 per cent last year. Its video streaming operations set records for new customer sign-ups as consumers shifted to watching more movies and TV shows online.