Former Disney CEO Bob Chapek Received Whopping $24 Million in 2022 and Additional $20 Million in 2023

Former Disney CEO Bob Chapek Received Whopping $24 Million in 2022 and Additional $20 Million in 2023. November of 2022 will be remembered as the end of one era and the return to another era, Bob for Bob, the battle for the ages. Ok, Maybe a bit much, but it will be remembered for how crazy the change in CEO was for The Walt Disney Company. Now we are finding out just how much this change cost the company.

Variety got a hold of the proxy statement filed Tuesday and it discloses the 2022 compensation packages. Read Below for their findings

“For Disney’s fiscal year ended Oct. 1, 2022, Chapek’s compensation package included his base salary of $2.5 million; $10.8 million in stock grants; $3.75 million in stock options; a $6.75 million cash bonus; $282,762 for personal air travel; and $53,820 in other compensation.

Related: Disney’s Board Gets a Big Change After Bob Iger Returns

Chapek’s severance payments, subject to him successfully completing “all of the terms of his post-employment consulting agreement” will comprise $6.53 million cash in remaining base salary through the scheduled expiration date of his amended employment agreement and about $1 million equivalent to a pro-rated target bonus for fiscal 2023, per the proxy filing. In addition, with his termination, Chapek is eligible to receive accelerated Disney stock worth $12.7 million.

The Disney board “determined that Mr. Chapek was no longer the right person to serve in the CEO role” in the months following its renewal of Chapek’s contract in June 2022, according to the company’s proxy filing Tuesday. “The significant developments and changes in the broader macroeconomic environment over this period informed how the board viewed the appropriate leader in light of the rapidly evolving industry and market dynamics. The board, therefore, concluded that, as Disney embarks on an increasingly complex period of industry transformation, Mr. Iger is best situated to lead the company while an appropriate longer-term successor is identified.”

SOURCES

Former Disney CEO Bob Chapek

Related: Bob Iger Orders Hybrid Employees Back to the Office Four Days a Week

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