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A new report released by the Walt Disney Company guarantees an annual base salary of $1 million to former and now current CEO, Bob Iger.
Originally, Disney appointed Robert Iger CEO back in 2005, a position which he held for over 15 years. In fact, his tenure remains one of the longest in the Company’s history for any Chief Executive Officer.
In 2020, he stepped down from his position, and left Disney fully at the end of 2021. His successor, Bob Chapek, held the title of CEO for just eleven months before his removal yesterday in a shocking move by the Company.
Credit: Disney
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Last night, the Walt Disney Company let CEO Bob Chapek go. Allegedly, prior to this decision, they had offered to reinstate former CEO Bob Iger for another term until 2024 on Monday. Of course, we now know that Iger accepted, despite a lowered compensation package, and has now become the Disney CEO once again for a two year term.
For example, by 2018, Iger’s compensation package from the Walt Disney Company totalled $65.6 million. Now, in exchange for his return and the selection of a new successor, Iger will make $1 million as a base salary each year of his term. That brings his total compensation to $2.5 million for the entire term.
Credit: Disney
However, Disney has also outlined a possible annual bonus of up to 100%, and an additional $25 million long-term award each fiscal year to incentivize Iger’s reconstruction of the Company structure Chapek left behind. According to a report from the United States Securities and Exchange Commission, this target award value will be comprised of “60% performance based restricted stock units” and “40% stock options.”
While the target value could fluctuate based on Bob Iger’s performance, it will be “no less than $20 million annually.” Furthermore, the report from the United States Securities and Exchange Commission clarifies:
The actual amount payable to Mr. Iger as an annual bonus will be dependent upon the achievement of performance objectives, which will be substantially the same as the objectives established under the plan for other executive officers of the Company. Depending on performance, the actual amount payable as an annual bonus to Mr. Iger may be less than, greater than or equal to the stated target bonus (and could be zero)…
Credit: NPR
Currently, Bob Iger’s second term as CEO will end December 31, 2024. DisneyTips will provide more updates on this developing story as they become available.
