Yahoo Movies Disney CEO Bob Chapek, Bob Iger Pay Packages More Than Doubled in Fiscal 2021
Disney CEO Bob Chapek saw his compensation package for the company’s fiscal 2021 hit about $32.5 million, more than double the $14.2 million he took home a year earlier.
Former CEO Bob Iger, who exited Disney at the end of last year as executive chairman, also more than doubled his take, with a total comp package worth $45.9 million, versus $21 million the year prior. In fiscal 2020, neither Chapek or Iger received bonuses (nor did other top Disney execs) amid the economic impact of the COVID-19 pandemic on the media conglomerate’s business.
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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 million 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.
In the filing, Disney said that in fiscal year 2021, “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.”
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.”
In addition, the company called Chapek’s reorg of the media and entertainment businesses “to align with Mr. Chapek’s strategic goals of accelerating the DTC strategy and centralizing distribution and commercialization activities.” Under his tenure, Disney also Increased subscribers at Disney Plus, Hulu and ESPN Plus and continued to expand DTC streaming internationally. Chapek also “took meaningful and innovative steps at our parks and experiences business while reopening our parks, including the development of Disney Genie and new Magic Key offerings,” according to Disney.
As for Iger, who oversaw Disney’s creative endeavors during his last two years at the company, he “deftly managed” production delays that affected content creation as a result of the COVID-19 pandemic. On Iger’s watch, Disney “created a pipeline across numerous franchises resulting from close creative collaboration between Disney’s content creators and Mr. Iger, released compelling original content for Disney Plus and the Company’s other DTC platforms and created content for traditional theatrical releases and linear networks.”
Among other top Disney execs, CFO Christine McCarthy’s pay totaled $21.7 million for the most recent fiscal year (versus $11 million the year prior); general counsel Alan Braverman earned $16.7 million (versus $9.1 million); HR chief Jayne Parker’s pay totaled $9.5 million (up from $7.3 million); and comms chief Zenia Mucha took home $7.6 million (versus $4.95 million). Both Braverman and Mucha departed Disney at the end of 2021.
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