Disney paid Bob Iger $10 Million Dollars to Advise Bob Chapek
A recent report shows that Disney was paying Bob Iger $10 Million Dollars in consulting fees to advise Bob Chapek during Iger’s retirement as Disney CEO.
A new regulatory filing from 2021 showed Iger was a recipient of installments of $500,000, starting in 2021. Also, Disney paid for Iger’s security, which came to nearly $750,000.
In the report, it states that Iger was to advise ‘on such matters as his successor Bob Chapek may request from time to time.’
The consulting agreement was to run for five years and during that time Bob Chapek would have access to Iger’s unique skills, knowledge and experience with regard to the media and entertainment business.
While an agreement was in place between The Walt Disney Company and Bob Iger, Mr. Chapek rarely sought out Iger’s guidance.
The agreement was made during a time when Bob Iger disagreed with the decisions that Bob Chapek was making for the Walt Disney Company.
Many of the issues between the two happened when Bob Chapek started raising prices at the Disney Theme Parks and created the Park Pass Reservation System. Chapek argued that it would boost revenue and limit overcrowding. Bob Iger also felt that Chapek was too responsive to changes in Disney’s share price, and Iger was alarmed by increases in prices at Disney theme parks.
“He’s killing the soul of the company,” Mr. Iger told more than one confidant.
The regulatory filing showed Chapek, who was named as CEO in February 2020, was paid $32.5 million in 2021. According to Bloomberg, Chapek could walk away from the Walt Disney Company with over $23 million dollars.
Bob Iger has agreed to serve as Disney CEO until 2024. Since returning we have seen many key executives leave the Walt Disney Company. The most recent are Bob Chapek Confidante and Speechwriter Arthur Bochner, and Kareem Daniel, Chairman of Disney Media and Entertainment Distribution.
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