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The Walt Disney Company has been experiencing a lot of ups and downs lately, so Disney stockholders are keeping a close eye on their investment — especially since plenty of Disney shareholders are also passionate Walt Disney World Resort or Disneyland Resort enthusiasts who visit the Disney Parks often and pay attention to the theme parks’ goings-on.
Former Walt Disney Company CEO Bob Chapek Credit: CNN
The Walt Disney Company experienced a huge shakeup last year when the famously-unpopular Disney CEO Bob Chapek was removed from leadership and replaced with the semi-retired former Disney CEO Bob Iger. With Iger back at the helm, Disney has been going through even more changes (including as many as 7,000 layoffs, according to Iger).
Iger has made it clear that the company is working to cut back on spending drastically, but the 2023 Notice of Annual Meeting of Shareholders and Proxy Statement (which has just been shared with Disney’s supporters) has revealed that Iger himself comes at a high cost for the company when it comes to one particularly bizarre expense!
Disney’s stock saw a rise after Iger announced the new plans for Disney (and the layoffs) in February 2023.
According to the report, $830,437 was spent on personal security for CEO Bob Iger in 2022 (even though Iger was not back in the CEO position for most of the year). According to the chart revealing this data, none of the other C-suite leaders (including now-former CEO Bob Chapek and CFO Christine McCarthy) cost more than $25,000 in that area of “personal benefits”.
In fact, their parts of the chart are blank regarding Security (Security is defined in the report as “the actual costs incurred by the Company for providing security services and equipment”).
The Walt Disney Company has been engaged in some tense wage negotiations with the Cast Members’ union in Florida — and CEO Bob Iger has made things worse on more than one occasion by publicly praising Disney employees for their hard work while still refusing to budge on the Cast Members’ pay.
Disney also added fuel to the fire by donating a huge sum of money to a charity focused on homelessness while the company’s own employees were sharing their struggles with homelessness online.
These actions have been met with many negative comments from disillusioned Disney fans, and may or may not have played a part in the recent promotion of Cast Members’ “greatest champion” from within the company.
Now that this massive security expenditure has been revealed, Iger may soon be facing even more negative publicity!
Were you aware of just how much money Disney higher-ups were being paid, and just how costly expenses like their security could become?
