On Sunday, November 20th, Disney announced that Bob Iger would be taking over the position of The Walt Disney Company CEO as Bob Chapek steps back.
©Reuters
Since the news broke, we’ve seen stock rise and learned why this decision was made when it was. Disney fans and celebrities have been sharing their opinions on social media as well. But now, Bob Iger’s salary and more details about the switch in CEOs has been released.
We recently learned that Bob Chapek is set to walk away with $23 million from this deal, but now we know more about what Iger’s salary looks like. According to a new report, Bob Iger entered an employment agreement to have an annual base salary of $1 million and a possible 100% bonus each year. The report says the annual bonus will depend on his performance in his position.
©CNBC
The employment agreement signed by Iger means he is entitled to The Walt Disney Company’s equity-based long-term incentive plans and programs. For each fiscal year that ends during this employment agreement, Iger will be given the long-term incentive award which has a target value of $25 million.
Bob Iger ©New York Post
Right now, Iger is only set to be CEO for two years while the company trains a new individual to take his spot. Iger’s term with the company is set to end on December 31st, 2024.
©Alberto E. Rodriguez / Getty Images
The report also says “The Company exercised its right to terminate without cause the employment of Robert A. Chapek as Chief Executive Officer.” Along with the termination, Chapek resigned from the Disney board. Back in June of 2022, Chapek extended his contract for 3 years — Chapek will receive separation benefits that were in that contract.
©Disney
Bob Iger took over as CEO in 2005 from Michael Eisner, who welcomed him back with a message on Twitter. He served as the Chief Executive Officer until 2020 when we passed the torch onto Bob Chapek.
Stay tuned for more updates as Disney transitions CEOs.
Bob Iger Is Back at Disney. Here’s What Can Change (and What Won’t).
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Maybe they should pay them a million bucks a year, and put the $ they save into the ran down resorts , instead of building new ones
Please bring back the Disney magic which was destroyed over the past. Few years
Iger should give every cast member a healthy raise and take less. He’ll never be able to spend that kind of money in his lifetime. But those cast members are who provides the magic. They deserve a good raise. Give it to someone who needs it not someone who is already filthy rich. That’s just messed up. Disney has charities right? Who better for Disney to help than it’s own very low paid cast members. Shame on you Disney and Iger.
now you know why a Disney Ticket is so high !
Back in my younger years when I served in the Army, I got paid an additional $55 a month to jump out of airplanes , if there is such a thing as an “E Ticket” that was it ! CEO pay is why Disney won’t see my smiley face no the other face ( 4th point of contact, for all you paratroopers out there)
I think the board needs to be voted out! They need to be held accountable for the Chapek contract renewal! Shareholders need to rise up!