Disney CEO Bob Chapek saw his total compensation more than double in fiscal 2021 compared with 2020, to $32.5 million, according to a new SEC filing.
The longtime Disney exec is about to enter the third and final year of his current contract as CEO. He took over for Bob Iger, who segued to a stint as executive chairman before wrapping up his four-decade run at Disney and ABC at the end of last month.
Chapek’s pay puts him significantly below the level of many other media executives. Of his total compensation, $10.2 million came in the form of a stock award and $14.3 million via the company’s non-equity incentive plan.
One reason for the dramatic jumps for all top execs from fiscal 2020 to fiscal 2021 is that they did not receive bonuses in 2020 due to the coronavirus pandemic.
Iger’s total compensation reached $45.9 million in 2021, up from $21 million the year before. His base salary remained $3 million, the same level as in his last year as CEO, 2019.
The financial disclosures are for the fiscal year ending October 2. That means they don’t include a hefty stock grant Iger collected at the end of his contract last December.
In the current management structure, the No. 2 payday went to CFO Christine McCarthy, with her overall package increasing to $21.7 million from $11 million.
Two key executives during Iger’s run who departed along with him, general counsel Alan Braverman and communications chief Zenia Mucha, took home $16.7 million and $7.6 million, respectively.
In addition to the executive compensation figures, the filing also noted Disney’s annual shareholder meeting will be held March 9. It will be available to the public via a live stream.
Chapek, a former senior executive in the company’s theme parks, consumer products and home entertainment divisions, took the helm of Disney just as the coronavirus pandemic started to hit with full force. He steered the company through a period of dramatically reduced revenue as Covid forced the closure of parks and resorts as well as movie theaters, with live sports also taking a lengthy and costly break.
In 2021, Chapek’s focus turned toward leading the company through a period when vaccines meant Covid wouldn’t have to keep the world shut down entirely. While it scored a few significant film and TV hits and reliable revenue drivers like ESPN returned to action, some of Chapek’s strategic moves came under greater scrutiny as the options multiplied. (Premier Access, for example, a premium streaming release window developed amid widespread theater closures in 2020, was deployed for multiple 2021 film releases.)
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