Disney CEO Bob Iger Salary Announced, Bob Chapek Fired for No Reason
Public files also show that the Walt Disney Company ended Bob Chapek’s tenure for “no reason.”
Bob Iger is officially back as CEO of The Walt Disney Company, and the veteran executive is taking a (very small) pay cut when he returns to his old post.
According to public filings with the United States Securities and Exchange Commission, Iger’s annual base salary during his second term will be $1 million. However, as part of his employment contract with the Company, he also receives a $1 million annual performance bonus and a $25 million long-term bonus for each year of his contract. Thus, Iger can potentially make $27 million annually while back in position.
Iger’s contract with the company expires on December 31, 2024. It is expected that he will leave the company at the end of his tenure, with a new successor being chosen to fill his legacy. As such, he is likely to earn $54 million over the next two years of his tenure.
While that number is standard for entertainment executives, it’s a slight decline in Iger’s annual earnings over the course of his first 15-year tenure as Disney CEO from 2005 to 2020. During those years, Iger’s base salary was $3 million, and it’s been steady earned between $20 and $40 million a year – last year, when he was Executive Chairman of Disney, he earned over $45 million in total compensation. His successor (and now predecessor), the late Bob Chapek, had a base salary of $2.5 million last year with total compensation of $32.5 million.
The filings also show that Chapek was fired from the company “for no reason,” meaning the company gave no reason for the termination. Chapek, who succeeded Iger in April 2020 after leading the company’s Parks and Resorts division for several years, resigned from Disney’s board of directors following the termination. The filings didn’t say if Chapek received an exit package from the company — he likely received a payout since Disney previously extended his contract by three years in June.
Chapek’s tenure was marked by controversy and PR issues, including a lawsuit from Scarlett Johansson for compensation in relation to “Black Widow” and a divisive response to Florida’s “Don’t Say Gay” law. His resignation as CEO comes shortly after the company reported disappointing fourth-quarter earnings, including a $1.5 billion loss in its direct-to-consumer business, overall revenue and shares that fell 7%. Chapek has been accused of manipulating his response by minimizing casualties, and Iger is expected to reverse many of his former colleagues’ decisions after running the company again. In fact, he’s already started it by removing Kareem Daniel, one of Chapek’s top lieutenants, from his post as chairman of Disney’s Media and Entertainment Distribution.
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https://www.indiewire.com/2022/11/bob-iger-disney-salary-1234784715/ Disney CEO Bob Iger Salary Announced, Bob Chapek Fired for No Reason