Iger will earn a base salary of $1 million by taking over Disney
(SAY), according to a company filing with the Securities and Exchange Commission. However, this compensation comes with an annual bonus of up to $1 million as well as an annual incentive bonus with a target value of $25 million. This means that Iger has the potential to raise around $27 million.
Iger’s tenure began Nov. 20 and will run until Dec. 31, 2024, according to the filing.
While $27 million is a lot of money, it’s less than the roughly $46 million he took in in total compensation when he left the company late last year.
Disney said Sunday night that Iger, one of the most successful CEOs in company history, would return to lead the media empire. It was breathtaking development in Hollywood’s biggest company.
The announcement comes at a time of great evolution and scrutiny for Disney. The company just posted lackluster earnings that showed growth for its streaming efforts. However, this growth has come at a high cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. The news sent Disney shares plummeting after a year of lackluster performance.
Iger replaces Bob Chapek, who had a short but bumpy tenure at the helm of Disney after taking over at the start of the pandemic in 2020.
On Monday, Iger took his first steps as CEO in reorganize Disney content distribution structure.
The CEO said in a memo to employees that Kareem Daniel, the president of Disney’s Media and Entertainment Distribution Unit, will leave the company.
As for Disney Media and Entertainment Distribution, Iger notes in a memo to employees that “undoubtedly, elements of DMED will remain, but I fundamentally believe that storytelling is what powers this business, and it belongs at the center of how we organize our businesses. .”