The Walt Disney Company just had a major shake-up.
In a move that shocked many in the industry, the former Walt Disney Company CEO was fired (New York Times) and replaced by his predecessor, Bob Iger. Since the news came out, so has more information. And now we’re learning more about Bob Iger’s new contract.
According to an SEC filing, Bob Iger will be receiving a base salary of $1 million with the possibility of a 100% bonus.
Along with this base salary, Iger will also be “granted a long-term incentive award having a target value of $25 million.” This will be in effect for each of the fiscal years under his agreement, which is a 2-year contract ending on December 31st, 2024. Of this award, the filing states that “[60%] will be provided in the form of performance-based restricted stock units and the remaining 40% will be in the form of stock options.”
Meanwhile, it has been revealed that Bob Chapek will reportedly be walking away from the Company with nearly $23 million, due to his remaining contract value, retirement, stocks, and more.
According to the New York Times, Chapek was fired after the board determined he “had done irreparable damage to his ability to lead”, noting a “string of missteps resulting in the lost confidence of Wall Street and most senior Disney executives, as well as many rank-and-file employees.” The news came only months after Chapek had signed a multi-year contract renewal back in June.
We’ll continue to keep you updated with the latest from this major news, and for more on this recent change, check out the following posts:
- Bob Chapek Stepping Down As Disney CEO, Bob Iger Returns to Position
- NEWS: Disney Stock Prices Rise After Iger Announced as CEO
- Bob Iger Thinks Choosing Bob Chapek as Next Disney CEO Was a Mistake
- Why Bob Iger Replaced Bob Chapek
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What do you think of the change in CEO? Let us know your thoughts in the comments.