In November 2022, Disney’s Board of Directors announced that Bob Chapek would no longer be Chief Executive Officer — a move that was both shocking and expected. The board had just renewed his contract three months earlier. At the same time as Mr. Chapek’s departure was announced, Disney also shared that Bob Iger would be stepping back into the role as CEO. He had previously been at the Disney helm for 15 years.
Since returning as CEO, things have not been very smooth for Iger. Fans don’t seem to love him as much as they used to, and some shareholders seem to agree.
In February 2023, activist investor Nelson Peltz announced that he would be seeking a seat on the board. Mr. Peltz only backed down when Iger shared that he would be cutting $5.5 billion from Disney’s overall budget.
One of the ways in which Iger achieved the massive budget cut was by laying off thousands of employees. Reports indicate that approximately 4,000 employees lost their jobs. Then, another 3,000 jobs that Disney had been looking to fill were kept empty.
And the layoffs affected employees at nearly every level of the company. There were even executives who found themselves receiving a pink slip. The only group that was not really affected by the layoffs were theme park cast members. Disney is still working hard to fill many roles in its parks.
Now, in a recent filing with the Securities & Exchange Commission, we know exactly how much Bob Iger has made amid the huge layoffs at The Walt Disney Company.
Since returning just over one year ago, Bob Iger’s total compensation is approximately $31.6 million. While his base pay is only $865,000, he made tens of millions in stock awards, stock options, cash bonuses, and performance-based cash incentives.
When he first returned to the House of Mouse, Mr. Iger agreed to remain CEO through December 2024. But back in July, it was announced that he would be extending his time as CEO through 2026.
During the time he has left, Mr. Iger and the Board are incredibly focused on making sure the right successor is picked. Iger made his displeasure with Bob Chapek known. He even told those close to him that picking Chapek was one of his “worst business decisions.”
What do you think of Bob Iger’s massive paycheck? Should he take a pay cut? Let us know in the comments!