Disney made a major announcement on Tuesday night, revealing that Bob Iger would be stepping down from his role as Chief Executive Officer and replaced by Bob Chapek, effective immediately. Iger served as Disney’s CEO from 2005 to 2020 and, despite the changes, will remain with the company and serve as Disney’s Executive Chairman until his contract expires in 2021.
According to a report by The Hollywood Reporter’s Alex Weprin, details of Chapek’s new role and salary have been revealed. The new Disney CEO’s contract, which runs until February 28, 2023, has an annual salary of $2.5 million, a $7.5 million target bonus, and an annual long-term incentive grant of roughly $15 million.
Details on Chapek’s contract with Disney, which runs through February 2023: He will have a $2.5M salary, with a target bonus of $7.5M, and an annual long-term incentive grant of $15 million. https://t.co/Pim75HRTvh
— Alex Weprin (@alexweprin) February 25, 2020
Shortly after the news was announced, Iger released a statement congratulating Chapek on his new position:
“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said in a statement. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”
What are your thoughts on Disney’s change in leadership? Do you think this had more to do with Iger positioning himself for retirement, or was something else afoot? Let us know in the comments below.