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Walt Disney’s massive management shakeup announced this week saw former CEO Bob Iger return to the company, with Bob Chapek leaving the company effective immediately. Now we know how much Iger is making as Disney’s new CEO and how much Chapek is getting on the way out.
Disney revealed in a government filing that Iger will receive total compensation of $27 million for each of the two years he’s signed on for. He is getting a $1 million salary and a $1 million annual target bonus, with the additional $25 million coming from incentives tied to how Disney’s stock price performs.
As for Chapek, he is getting a severance package in the area of $20 million, or higher depending on his stock options, according to The Hollywood Reporter.
As mentioned, Iger is coming back to Disney for a period of two years, with the mandate of helping the company set its future strategic direction and help find a successor. But even after Iger is due to leave Disney on December 31, 2024, Iger will stay on Disney’s payroll, it seems, as he will become a consultant to the company.
You can read Iger’s full contract here.
Iger said he is “extremely optimistic” about the future of Disney and was “thrilled” to be asked to return as its CEO.
“Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe–most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration,” he said. “I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”
Iger departed from his role as Walt Disney CEO in 2020 but stayed on with the company as its Executive Chairman until December 2021.
In January this year, Iger said rumors that he could return to become Walt Disney’s CEO again were “ridiculous.” He said at the time, “I was CEO for a long time. You can’t go home again. I’m gone.”
Now, he’s back.
As for Chapek, he started as Disney’s CEO in February 2019, just before the start of the global pandemic. In June 2022, Disney’s board of directors unanimously voted to extend Chapek’s contract through 2025, saying it has confidence in his leadership. Clearly, things can change quickly.
