Disney Ex-CEO Bob Chapek Made $24 Million in FY 2022; Bob Iger Comp Totaled $14 Million As Company Releases Latest Executive Pay

Former Disney chief executive Bob Chapek earned $24 million in fiscal 2022, down sharply from $32 million the year before, the company revealed in its proxy Tuesday.

Chapek, who exited abruptly in November, is entitled to just over $6.5 million in remaining base salary through the scheduled expiration date of his employment agreement, just over $1 million equivalent to a pro-rated target bonus for fiscal 2023, as well as $12.6 million in accerated restricted stock units — for a total exut payout of about $20.4 million.

Current CEO Bob Iger’s total package of $14.9 million compares with $45.8 million the previous year. Iger stepped down as CEO in Feb. of 2020 to become executive chairman.

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The situation was a bit confusing, as per the board’s explanation, since it had just renewed Chapek’s contract in June.

“In June 2022, the Board agreed to extend Mr. Chapek’s employment agreement based on Mr. Chapek’s work navigating the Company through the unprecedented challenges of the pandemic and growing the Company’s streaming business. The Board continued to spend significant time discussing the leadership of the Company in the months that followed and determined that Mr. Chapek was no longer the right person to serve in the CEO role. The significant developments and change 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. On November 20, 2022 (after fiscal 2022), the Board decided to exercise its right to terminate Mr. Chapek’s employment without cause.” That entitles him to above metioned payouts if he “successfully completes all of the terms of his post-employment consulting agreement and does not violate the terms of the employment agreement that survive his termination or the general release.”

Disney’s fiscal year ends Sept. 30.

The company, which is heading for a proxy fight with activist investor Nelson Peltz, noted its annual meeting is set, as usual, for March, but didn’t provide a date. Peltz said he’ll be running for a board seat. Disney recommends shareholder vote him down. The activist investor also plans to submit a proposal that Disney revise its bylaws — for which the company also advises a no vote.


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