Bob Iger stunned the entertainment industry when he reassumed his role as the CEO of the Walt Disney Company on Sunday night. The former Disney chief will earn a $1 million base salary for going back to his old job, according to public filings. But that pact could grow a lot richer if Iger and Disney reach certain benchmarks.
Iger is also entitled to an annual bonus of up to $1 million, along with a long-term incentive award with a target value of $25 million for each year of his contract. That means Iger has the potential to earn up to $27 million. The Disney’s chief’s deal began on Nov. 20, 2022, and ends on Dec. 31, 2024.
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Filings did not state what kind of exit package Bob Chapek, whom Iger replaced as CEO, will receive. It did say that Chapek, who has had a tumultuous tenure at the family entertainment giant, was fired “without cause.” He resigned from the board, as well as from his post at Disney.
Though Iger may be handsomely rewarded, he will be taking a pay cut. He earned a total compensation of $45.9 million in 2021, up from the $21 million he earned in 2020. His base salary was $3 million, and he earned a cash bonus of $22.9 million. Chapek’s total compensation hit $32.5 million in 2021, double the $14.2 million he took home the prior year. He earned a base salary of $2.5 million.
Chapek assumed the CEO job after successfully running the company’s parks and resorts division. But he made a series of blunders, clashing with Scarlett Johansson over her compensation for “Black Widow” after the studio debuted the film simultaneously on streaming, and facing a near staff revolt over his reticence to take a stand against Florida “Don’t Say Gay” law restricting classroom instruction on gender identity and sexual orientation.