Bob Iger Salary and Compensation Package Revealed as Disney CEO
A recent SEC Filing shows how much it took for Bob Iger to return to the helm of the Walt Disney Company. Bob agreed to serve as Disney CEO from November 20, 2022, through December 31, 2024. Many fans were excited Iger would be returning as CEO of Disney when the news broke the other night as they feel Chapek sucked all of the life out of the Walt Disney Company.
We go into more detail on our latest Disney News Extra Podcast you can listen to here.
Related – Walt Disney Stock Jumps 7% so far this morning as Bob Iger resumes Control as Walt Disney CEO
Here is a breakdown of how much he will be paid along with bonuses.
Base Salary.
Effective as of the Commencement Date, the Executive shall receive an annual base salary of $1,000,000. The amount of annual base salary payable under this Paragraph 3(a) shall be reduced, however, to the extent Executive elects in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and interpretations thereunder (“Section 409A”), to defer such salary under the terms of any deferred compensation or savings plan or arrangement maintained or established by or on behalf of the Company or any of its subsidiaries. Executive’s annual base salary payable hereunder, without reduction for any amounts deferred as described above, is referred to herein as the “Base Salary.” The Company shall pay the Executive the portion of Base Salary not deferred at the election of the Executive in accordance with its generally applicable policies for senior executives (currently paid on a weekly basis), but not less frequently than in equal monthly installments.
Annual Incentive Bonus.
Executive shall be given the opportunity to earn an annual discretionary incentive bonus in accordance with the annual bonus plan generally applicable to the Company’s executive officers, as the same may be in effect from time to time (the “Annual Plan”). Executive’s target annual incentive bonus opportunity under the Annual Plan during each full fiscal year during the term hereof shall be one hundred percent (100%) of the Executive’s Base Salary as in effect at the end of the such fiscal year. The actual amount payable to the Executive as an annual bonus under the Annual Plan shall be dependent upon the achievement of performance objectives established in accordance with the Annual Plan by the Board of Directors of the Company or the committee of the Board responsible for administering such Annual Plan (the “Compensation Committee”), which shall be substantially similar to the objectives established under the Annual Plan for other senior executive officers of the Company. The preceding sentence shall not limit any power or discretion of the Board Compensation Committee in the administration of the Annual Plan. Accordingly, depending on performance, the actual amount payable as an annual bonus to Executive under the Annual Plan may be less than, greater than or equal to the target bonus specified above. Any bonus payable pursuant to this Paragraph 3(b) shall be paid at the same time as annual bonuses are payable to other officers of the Company in accordance with the provisions of the Annual Plan, subject to the Executive’s continued employment with the Company through the date on which such bonuses are paid.
This pay package is a huge step down from what Iger previously was paid as Disney CEO. His base payback in 2021 was $3 million with him earning around $46 million in bonuses.
You can read the full SEC filing here if that kinda thing interests you.
Related – Disney issues statement regarding the Return of Bob Iger as Disney CEO
Meanwhile, exiting CEO Bob Chapek will make more than $23 million in severance payments and benefits after the board of the Walt Disney Company notified him that he was to be let go. Chapek earned nearly $35 million as CEO in 2021, more than double his compensation throughout 2020.
Are you surprised Bob Iger’s Salary is so low? What is something you want for him to return or bring back to Disney?
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