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If you haven’t yet heard (which we doubt), Bob Chapek has been officially terminated by Disney, with the company opting to bring former CEO Bob Iger back to the company.
Iger left an impressive legacy behind at Disney, first becoming CEO in 2005 and handing the mantle over to Chapek in early 2020. The exchange of power between Iger and Chapek was swift and came as a bit of a surprise, with Iger ending his tenure at The Walt Disney Company earlier than expected.
For almost four decades, only two CEOs served The Walt Disney Company, being Michael Eisner from 1984 to 2005 and Bob Iger from 2005 to 2020.
Chapek served for a little over two years, and things are still being finalized. We just found out about Chapek’s pretty nice exit deal, and now, more details are starting to come out.
We also now know exactly how much Bob Iger will receive during his short time as CEO. Iger will be paid a base $1 million salary, with a possible bonus of also $1 million. This was all confirmed by reporter Scott Gustin (@ScottGustin) moments ago:
NEW: Bob Iger will be paid an annual base salary of $1 million with a possible 100% annual bonus. He’ll also “be granted a long-term incentive award having a target value of $25 million” for each fiscal year in the agreement. His term is currently set to end December 31, 2024.
NEW: Bob Iger will be paid an annual base salary of $1 million with a possible 100% annual bonus. He'll also "be granted a long-term incentive award having a target value of $25 million" for each fiscal year in the agreement. His term is currently set to end December 31, 2024.
— Scott Gustin (@ScottGustin) November 21, 2022
Iger is acting as CEO effective immediately, and his term will officially end on December 31, 2024. To dig a little deeper, we also found out the exact circumstances surrounding Disney’s decision. According to Gustin, Disney says that it “exercised its right to terminate without cause” the employment of Bob Chapek, essentially confirming Chapek was indeed “fired” more or less. “Mr. Chapek will receive the separation benefits payable in accordance with the terms of his previously disclosed employment agreement.”
What is your take on all of this news? Let us know in the comments down below.