Disney’s CEO, Bob Iger, earned $31.6 million last year

Disney CEO Bob Iger saw a substantial increase in his compensation last year, totaling $31.6 million, marking a significant boost from the $15 million he earned the previous year. The details of Iger’s 2023 pay package were disclosed in The Walt Disney Company’s annual proxy statement filed on Tuesday. The package included a base salary of $865,385, stock awards amounting to $16.1 million, $10 million in stock option awards, $2.1 million in performance-based compensation, and an additional $2.48 million in other compensation.

The notable increase in Iger’s earnings in 2023 coincides with his return to the helm of Disney for his first full year after coming out of retirement. Having previously served as Disney’s CEO from 2005 to 2020, Iger returned to replace his hand-picked successor, Bob Chapek, in November 2022, less than three years after Chapek assumed the role.

While Chapek departed the company in 2022, he still received $9.9 million in total pay from Disney last year, according to the filing.

Despite the substantial compensation for Iger, Disney has encountered various challenges in the past year. These challenges include a series of box office disappointments, a decline in linear TV viewership, and a somewhat uneven transition into a streaming-centric future.

In response to these challenges, Disney announced plans in November to further cut expenses by an additional $2 billion, building upon the previously announced $5.5 billion reduction. The company aims to adapt to the evolving media landscape and revitalize its business.

During the fourth-quarter earnings call in November, Iger acknowledged the progress made by Disney in addressing its business challenges but emphasized that there was still work to be done. The company continues to navigate the changing entertainment landscape and strives to strengthen its position in the streaming market.

The disclosed compensation details shed light on the financial aspects of Disney’s leadership amid industry shifts and challenges. Investors and stakeholders closely monitor executive compensation, especially during periods of significant change and strategic repositioning within the company. As Disney continues to evolve its business model and address industry dynamics, executive compensation will likely remain a topic of interest and scrutiny.