Former Walt Disney Company CEO Bob Chapek might not be leading the Disney ranks anymore — but the former Disney CEO is still making some money from Disney after leaving the position, and that “golden parachute” exceeds $20 million!
Chapek was already paid $24.2 million by Disney for his work in 2022, but Disney apparently “said on Tuesday that Chapek would receive $6.5 million in remaining base salary through to the scheduled end date of his employment agreement and just over $1 million equivalent to a pro-rated target bonus for the 2023 fiscal year”.
This also does not take into account the money from Disney stock that Chapek will be receiving; apparently, “the former CEO is set to get around $12.7 million in accelerated Disney stock units”. In order to receive all of this severance pay, however, Chapek must successfully meet “the terms of his post-employment consulting agreement” and avoid “violating his employment agreement.”
Chapek’s replacement, Walt Disney Company CEO Bob Iger, may or may not have bullied Chapek and challenged his authority — but regardless of these allegations, Iger is now the Disney CEO again and is set to make a large salary just like Chapek did while he carries out his two years back in the saddle at Disney.
Iger was, according to Insider, “set to receive $500,000 each quarter over a five-year period as a consultant to Disney” while he was retired.
Now that Iger has left retirement to ‘rescue’ Disney, “Iger’s annual base salary is $1 million and he is eligible for an annual bonus worth up to double that”. In addition, Iger “also has an annual long-term incentive grant target of $25 million, taking his total possible compensation to $28 million.”
Iger already received $15 million for his work with Disney in 2022, as well as “a pro-rated bonus of $4.4 million”. Back in 2021, he made $45.9 million from Disney, and he made $21 million from Disney in 2020.
Chapek’s salary and severance pay amount adds up to far more in compensation than any of the Disney Cast Members that worked below him are receiving — and Cast Members have been very transparent about their financial struggles and low wages recently.
Any CEO, Disney or otherwise, might have a salary that other employees find upsetting. But since Chapek is now very unpopular among Disney fans, it is likely that the ex-Disney CEO will face more backlash for his extensive severance package than Iger will for his salary!
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