Bob Iger, who shocked the media world when he returned as Disney CEO on Sunday, will once again be among Hollywood’s highest-paid executives.
Iger will earn a base salary of $1 million when he takes over Disney (DIS), according to a company filing with the Securities and Exchange Commission. However, that compensation comes with an annual bonus of up to $1 million, as well as an annual incentive-based award with a target value of $25 million. That means Iger has the potential to raise around $27 million.
Iger’s term began on November 20 and will run until December 31, 2024, according to the document.
While $27 million is a lot of money, it’s less than the roughly $46 million he earned in total compensation when he left the company late last year.
Disney said Sunday night that Iger, one of the most successful CEOs in the company’s history, would return to run the media empire. It was an impressive development at the biggest company in Hollywood.
The announcement comes at a time of great evolution and scrutiny for Disney. The company is coming off lackluster earnings that showed growth in its streaming efforts. However, that growth came at a great cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. That news sent Disney shares tumbling after a year of slow performance.
Iger replaces Bob Chapek, who had a short but checkered tenure as head of Disney after taking over at the start of the pandemic in 2020.
On Monday, Iger made his first moves as chief executive by reorganizing Disney’s content distribution structure.
The CEO said in a memo to employees that Kareem Daniel, 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 “without a doubt, the elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company and is at the heart of how we organize.” our businesses. .”