Benzinga - Bob Iger, who made a surprise return as CEO at Walt Disney Co (NYSE:DIS) on Monday, will draw a sizable pay for the fresh two-year contract he has signed with the entertainment giant.
What Happened: Disney in a regulatory filing said Iger would get an annual base salary of $1 million and an annual incentive bonus of a million dollars, for his new contract that runs from Nov. 20 to Dec. 31, 2024.
Iger is also eligible for equity awards of up to $25 million, subject to numerous conditions.
This would bring his total pay package to a maximum of $27 million.
Why It Matters: Seventy-one-year-old Iger’s return to the Mouse House comes as Disney struggles to boost its profits and improve its stock price, which is down more than 37% this year, according to data from Benzinga Pro.
Outgoing CEO Bob Chapek had it rough steering the company through the COVID-19 pandemic, as his handling of workplace furloughs and Florida’s “Don’t Say Gay” legislation left few impressed.
Iger reportedly said in July that hiring Chapek as his successor was one of his “worst business decisions,” as talk of conflicts and a struggle for control emerged from within the company.
Chapek will reportedly exit Disney with a $20 million severance.
The 2019 Payout: Iger was responsible for some of the biggest moves of Disney during his last 15-year run as CEO, including the acquisitions of Pixar, Marvel, Fox and Lucasfilm.
In 2019, Iger ranked among the top overpaid executives in corporate America, drawing a whopping $65.6 million — while the average Disney employee made $46,127. Abigail Disney, the granddaughter of the company's co-founder, called it "insane."
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