fbpx

Disney’s Bob Chapek, Bob Iger Double Their Compensation Packages

Photo from Attractions Magazine on Instagram

Disney’s Bob Chapek, Bob Iger Double Their Compensation Packages

By Movieguide® Staff

Compensation packages for current Disney CEO Bob Chapek and former CEO Bob Iger doubled in fiscal 2021, pointing to a successful year for Disney despite the pandemic. 

According to Variety, Chapek earned around $32.5 million, more than double the $14.2 million he received last year. 

Iger, who stepped down as the company’s CEO at the end of last year, also came away with over double his $21 million from last year. 

“Mr. Chapek, as Chief Executive Officer, delivered strong performance given the unprecedented challenges resulting from the COVID-19 pandemic and meaningful shareholder value, driven by exceptional execution of the Company’s key strategic initiatives,” Disney’s report of the 2021 fiscal year said. 

Variety reported

For the fiscal year ended Oct. 2, 2021, Chapek’s base salary was $2.5 million (up from $1.8 million in FY2020). His compensation include $10.2 million in stock awards, $3.75 in stock options and a $14.3 million cash bonus, according to Disney’s proxy filing with the SEC.

Iger, who formally stepped aside as CEO in February 2020 after 15 years at the helm, received $3 million in salary for the most recent fiscal year (up from $1.6 million the year prior and the same as in FY2019). Iger’s compensation for the most recent fiscal year included a $22.9 million cash bonus, plus $9.5 million in Disney stock and $9.3 million in stock options. That does not include stock Iger was entitled to receive when his contract expired at the end of calendar 2021, worth $231 million as of Oct. 1, 2021, according to Disney’s filing.

For fiscal year 2021, Disney posted revenue of $67.4 billion (up 3%) and net income of $2.0 billion (versus a net loss of $2.8 billion in FY2020). It reported 179 million streaming subscribers worldwide, including 118.1 million for Disney Plus.

According to Disney, since March 2020, Chapek “has adeptly managed the significant disruption to the Company’s businesses resulting from the COVID-19 pandemic and guided the Company’s new management team leading our direct-to-consumer (‘DTC’) efforts.

The earnings increase for Disney’s leaders dispels some concerns that Disney and other entertainment company’s would sink amid COVID-19 related shutdowns and health and safety regulations. 

The company’s success was in large part due to Disney+ and the growing demand for original streaming content. 

LUCA and SOUL were both released on Disney+ instead of a traditional theatrical release. While this strategy appears to be paying off, some fans and analysts are worried about what it means for future releases. 

Movieguide® previously reported

Pixar-animated movies are not only some of the most lucrative for Disney, but they also remain the most iconic and imaginative.  

TOY STORY, RATATOUILLE, FINDING NEMO, and others have captivated the hearts of young and old alike and captured healthy box office numbers to boot.  

However, the pandemic and box office woes have encouraged Disney to release its most recent Pixar movies, SOUL and LUCA, on streaming. 

Next on the release schedule for Pixar is TURNING RED, which will be available for free on Disney’s streaming platform. 

Some fans see Disney’s treatment of the new installments to the iconic line of Pixar movies as giving up, seeing as Disney’s recent musical ENCANTO and RAYA AND THE LAST DRAGON both received a theatrical debut.