[Source: CNN Business]
Bob Iger, who shocked the media world when he returned as CEO of Disney on Sunday, will once again be among the highest-paid executives in Hollywood.
Iger will earn a $1 million base salary as he takes over Disney (DIS), according to a company filing with Securities and Exchange Commission.
However, that compensation comes with an annual bonus up to $1 million as well as an annual incentive-based award with a target value of $25 million. That means that Iger has the potential of pulling in around $27 million.
Iger’s tenure began on November 20 and will run until December 31, 2024, according to the filing.
Although $27 million is a lot of money, it is less than the roughly $46 million he made in total compensation when he left the company at the end of last year.
Disney said on Sunday night that Iger, one of the most successful CEOs in the history of the company, would be returning to run the media empire. It was a stunning development at Hollywood’s biggest company.
The announcement comes at a time of great evolution and scrutiny for Disney. The company is coming off a lackluster earnings that showed growth for its streaming endeavors. However, that growth came at a great cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. That news sent Disney’s stock tumbling after a year of sluggish performance.
Iger is replacing Bob Chapek, who had a short but bumpy tenure as the head of Disney after taking over at the beginning of the pandemic in 2020.
On Monday, Iger made his first moves as CEO by reorganizing Disney’s content distribution structure.
The CEO said in a memo to employees that Kareem Daniel, the chairman of Disney’s Media and Entertainment Distribution unit, will be leaving the company.
As for Disney Media and Entertainment Distribution, Iger notes in a memo to employees that “without question, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses.”