Credit: LA Magazine
Pause before you think of this as a sacrifice. That announcement from Disney left out what would happen to all those executive bonuses and stock options.
Bob Iger’s salary is only about 6.5% of his annual pay. What will happen to his annual $21.8 million bonus, $10 million in stock awards and $9.6 million in stock options???
Bob Chapek’s salary Of $2.5 million is about 10% of his annual pay. He also receives a $7.5 million bonus and an annual incentive grant of $15 million. He gets those juicy bonuses when Disney earnings hit ever increasing targets.
Now it should make a lot of sense as to why salaries for all the lowest paid cast members rarely go up and layoffs are a regular occurrence, even though the company has been making record breaking amounts of $$$ in recent times.
Absolutely agree with Mousketeer. The announcement stated “salary,” not stocks, options, and other bonuses that make up the vast majority of his overall compensation. This “sacrifice” is a tiny price to pay for all the free positive press Iger is receiving — compounded by those who assume “tens of millions of dollars” because they don’t read the details. A cynic might see this as a simple PR stunt by a popular poster child for excessive CEO pay. I’d have trouble arguing otherwise.
spare me. iger saw all this coming. he believed the projections about the virus and believed it would be a pandemic affecting every aspect of the company- how else do you explain the sudden stepping down right before this broke wide open? he has political aspirations and wants nothing to tarnish his legacy at disney, so he can say he had nothing to do with any ill-effects of the virus on the parks or the company and someone else is the face of guiding the company. this amount he’s “sacrificing” is minute compared to what he still makes.
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