Walt Disney Co. Chief Govt Bob Iger, who quickly will start winding down his two-decade tenure main the corporate, collected $45.8 million in compensation final yr — an 11% bump from the prior yr.
In 2024, Iger was paid $41 million in compensation.
Disney launched its company government compensation packages Thursday, because the board prepares for its high-wire act of choosing a brand new chief to interchange Iger, whose contract ends in December.
“Management succession planning remains a top priority for the board, reflecting its importance to business continuity and long-term shareholder value,” Disney Chairman James Gorman wrote in a letter to shareholders. He famous the board’s succession committee has been evaluating the varied candidates and that the complete board would quickly decide who will develop into the subsequent CEO.
4 inner candidates have been vying for the job, together with the parks boss, Josh D’Amaro, prime tv and streaming government Dana Walden, film studio head Alan Bergman and ESPN Chairman Jimmy Pitaro.
Not like six years in the past when the board made its final CEO change, Disney’s board tightened up the succession course of by establishing a devoted committee headed by Gorman, the previous head of funding financial institution Morgan Stanley.
The group additionally contains Basic Motors CEO Mary Barra, Lululemon Athletica CEO Calvin McDonald and Jeremy Darroch, the previous head of Sky broadcasting in Britain. “Each internal candidate is going through a rigorous preparation process, including mentorship from Mr. Iger, external coaching and engagement with all directors,” Disney mentioned in its proxy.
Disney mentioned it would maintain a digital shareholder assembly March 18. Traders shall be requested to vote on a number of shareholder-inspired measures, together with proposals on the corporate’s local weather commitments and incapacity lodging in its theme parks.
The conservative Nationwide Heart for Public Coverage Analysis has launched a proposal that may require Disney to concern a report detailing its return on funding for its local weather commitments. The assume tank argues that shareholders want extra info to guage whether or not the corporate’s public guarantees to cut back its greenhouse fuel emissions is of their finest monetary curiosity.
Disney has inspired shareholders to vote no on this proposal, saying its strategy to environmental sustainability is “grounded in science” and already disclosed publicly. The corporate mentioned a brand new report, such because the one urged by the proposal, would fall outdoors monetary disclosure necessities.
Shareholders will even weigh in on a proposal that may push Disney to conduct a third-party evaluation of its accessibility and incapacity inclusion practices.
The proposal, which was submitted by shareholder Erik G. Paul, comes as Disney has acquired criticism over incapacity entry insurance policies at its theme parks.
Disney urged shareholders to vote no on this measure, saying the corporate is “committed to the design and implementation of innovative and effective services that accommodate persons with disabilities and already reviews its practices on an ongoing basis.”
The corporate additionally mentioned it already supplies “detailed” info on-line and in-person within the parks about its incapacity entry insurance policies, which may embody no ready in standby strains for guests who require that possibility, in addition to a “broad range” of lodging.
A brand new board member — Apple’s former chief working officer Jeff Williams — is anticipated to hitch the board on the March assembly.
Iger’s base wage was $1 million. He acquired $21 million in inventory awards, $14 million in choices and a $7.25 million government bonus.
Disney additionally paid greater than $568,000 for Iger’s private air journey bills, in addition to $1.8 million in safety prices. The corporate mentioned its CEO is required to make use of a company plane for private journey as a result of safety causes.
The Burbank media and leisure firm mentioned Iger was rewarded for Disney’s robust theatrical efficiency within the final yr, together with billion-dollar blockbusters “Moana 2,” which was launched in 2024 however reached that milestone final yr as a result of robust carryover on the field workplace, in addition to the live-action adaptation of “Lilo & Stitch.”
The corporate additionally cited Iger’s function in efficiently closing Disney’s acquisition of Hulu by contentious arbitration proceedings with Comcast, which Disney mentioned bolstered the streaming platform’s presence globally.
Iger additionally supervised the launch of the direct-to-consumer ESPN Limitless app and theme park milestones, together with Disneyland’s seventieth anniversary and the opening of recent points of interest like Tiana’s Bayou Journey journey, which Disney mentioned “aim to better position our parks for the future.”
Succession has develop into a front-burner concern for the corporate.
The board mentioned it has supplied contract extensions to 4 of Iger’s prime lieutenants “in order to retain our key senior leadership to promote a successful CEO succession process.” These executives are Chief Monetary Officer Hugh F. Johnston, Chief Authorized Officer Horacio Gutierrez, Chief Individuals Officer Sonia L. Coleman and Chief Communications Officer Kristina Ok. Schake.
Johnston acquired a bundle valued at $20.2 million; Gutierrez was paid $16.3 million; Coleman acquired $7.4 million and Schake was awarded $6.2 million in compensation.
