Last November, we reported on Bob Chapek’s removal as the CEO of the Walt Disney Company. By now, the drama surrounding the situation is old news, and everybody knows the irony behind Bob Iger’s returning to replace his successor.
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However, lesser known is that Bob Chapek had been signed on for another three years, extending his contract to 2025. When Chapek was ousted, and Bob Iger became the Walt Disney Company’s CEO, that contract was broken. Because that contract was broken when he was removed from the position, Chapek earned a hefty departing package in return.
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When we reported on Chapek’s removal, we were going off of specific calculations and predictions, which were naming his exit package at $23 million at least.
However, a report by CNN Business is setting the record straight. From CNN’s report:
The Walt Disney Company said the former CEO, who took over in February 2020 after longtime CEO Bob Iger retired, is eligible to take home a severance pay package worth roughly $20 million, according to a regulatory filing Tuesday. That’s in addition to the $24 million he made last year — his $2.5 million base salary plus millions in stock options and awards. That’s down from the $32.5 million he made in 2021.
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The board had voted to sign and extend Chapek’s contract in June of 2022, but by November of the same year, the CEO was effectively replaced. What could have happened in such a short time to change the board’s mind? A better question may be, what didn’t happen?
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Not only was there ongoing drama due to Disney’s support of the ‘Don’t Say Gay Bill,’ followed by its disapproval which resulted in an ongoing political battle, but the general public’s view of Chapek was also falling. Disney fans and frequent Guests alike were noticing a decline in experiences, operations, and reputation.
The Walt Disney Company, ever quick to preserve its reputation, quickly ousted Chapek despite the recent decision and re-instated Bob Iger as the beloved CEO.