Bob Iger surprised the entertainment industry by resuming his role as the CEO of the Walt Disney Company. According to public filings, Iger will receive a $1 million base salary for returning to his previous position, but the potential for additional earnings exists based on certain benchmarks.
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In addition to the base salary, Iger is eligible for an annual bonus of up to $1 million and a long-term incentive award with a target value of $25 million for each year of his contract. This means he has the opportunity to earn up to $27 million. Iger’s contract began on Nov. 20, 2022, and extends until Dec. 31, 2024.
The filings did not specify the exit package for Bob Chapek, the CEO whom Iger replaced, but mentioned that Chapek was terminated “without cause” after a tumultuous tenure at Disney, leading to his resignation from the board and his position at the company.
Although Iger is set to receive significant compensation, it represents a pay cut compared to previous years. In 2021, he earned a total compensation of $45.9 million, up from $21 million in 2020. His base salary was $3 million, and he received a cash bonus of $22.9 million. Chapek’s total compensation for 2021 reached $32.5 million, double the $14.2 million from the previous year, with a base salary of $2.5 million.
Chapek, who initially assumed the CEO position after successfully overseeing the company’s parks and resorts division, faced challenges, including disputes with Scarlett Johansson over compensation for “Black Widow” and controversy over his response to Florida’s “Don’t Say Gay” law. These issues led to a near staff revolt.