Bob Iger Makes $31.6 Million. But That’s Not the Most Shocking Part.

[Disney4me]

As The Walt Disney Company prepares for the 2024 Annual Meeting of Shareholders, it not only announced its recommendations for 12 nominees for the company’s Board of Directors, but it also released information about its executives’ salaries, including the 2023 salary for CEO Bob Iger.

©Disney

Iger returned to the company in November 2022 to step back into his role as CEO. Since then, he’s made a lot of changes, including changes in leadership, proposed changes for Disney Parks, and a new priority focused on improving Disney’s streaming assets. In 2023, Iger made $31.6 million, but let’s take a closer look at that.

First, the $31.6 million was Iger’s full pay package, which is made up of his base salary, stock awards, stock-option awards, cash bonuses, and other compensation. Note that the $31.6 million is down from Iger’s prior full year of employment with Disney when he made $45.9 million.

©MasterClass

But, yes, that is still a LOT of money. To put it in perspective, it’s actually a bit lower than what many other CEOs make. For example, according to The Hollywood Reporter,  Apple’s CEO Tim Cook earned $63 million in 2023. Warner Bros./Discovery CEO David Zaslav earned $39.3 million in 2022, according to Variety. Also, according to Variety, Netflix’s Ted Sarandos will make $40 million, while Netflix’s Reed Hastings will get $34.6 million in 2024.

Now can we argue that most CEO’s are paid too much? Well, in 2022, Reuters reported on a poll that showed that bipartisan majorities of U.S. adults think CEO pay is too high. Previous polls have also shown public dissatisfaction over the salary of CEO’s.

©Netflix

Something to also point out is that in 2020, Iger, who was Executive Chairman for Disney at the time, actually chose to forego his salary for the year, while then CEO Bob Chapek took a cut of 50%.

Just a year earlier, though, Iger’s salary was $66 million (double his current salary). According to Deadline, Iger explained that the stock award he received that year was a “was a one-time grant, it’s not something that repeats itself year after year.” He also said that the large payout was due to the Disney and Fox merger going through and his “involvement in the dealmaking,” as well as the increased “responsibilities” he was taking on by expanding the company. He also mentioned that part of it was due to an agreement to keep him from leaving the company that year and to have him stay for three more years.

©Apple

The New York Times reports that this was the same year Disney heiress Abigail Disney called the company out for Iger’s pay package in 2018, which was worth $65 million. She pointed out that a study done by a union showed Iger was making 1,400 times more than the median Disney worker. She was also vocal on social media about the issue.

Let me very clear. I like Bob Iger. I do NOT speak for my family but only for myself. Other than owning shares (not that many) I have no more say in what happens there than anyone else. But by any objective measure a pay ratio over a thousand is insane. https://t.co/O34OjXd6rr

— Abigail Disney (@abigaildisney) April 21, 2019

However, The Walt Disney Company defended Iger’s salary, with “90 percent of Mr. Iger’s compensation was based on financial performance and that, under Mr. Iger’s watch, Disney’s stock price had risen to $133 a share from $24″ — “which directly benefits the literally thousands of employees who hold our stock.”

Most recently, Mark G. Parker, Chairman of The Walt Disney Company shared, “Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs.”

©TIME

So what we can take away from his current salary is that it is considerably lower than it was four years ago, before he stepped down as CEO. But at the same time, we have seen Disney Cast Members protesting and even striking over their pay.

Iger has said that he will “definitely” step down as the CEO of the Walt Disney Company in 2026. A successor has not yet been announced.

Stay tuned to DFB for more Disney news.

Learn more about Bob Iger’s 2023 Salary Here

Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe!

 

The post Bob Iger Makes .6 Million. But That's Not the Most Shocking Part. first appeared on the disney food blog.

View the full article