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 base salary of $1 million when he takes over Disney ( DIS ), according to a company filing with the Securities and Exchange Commission. However, that compensation comes with an annual bonus of up to $1 million as well as an annual incentive-based award with a target value of $25 million. That means Iger has the potential to pull in around $27 million.
Iger’s tenure began on November 20 and will last until December 31, 2024, according to the archive.
While $27 million is a lot of money, it’s less than the roughly $46 million he earned in total compensation when he left the company at the end of last year.
Disney said Sunday night that Iger, one of the most successful CEOs in the company’s history, would return to run the media empire. It was a fantastic development at Hollywood’s biggest company.
The announcement comes at a time of great development and scrutiny for Disney. The company is coming off weak earnings that showed growth for its streaming efforts. However, this growth came at great cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. That news sent Disney shares tumbling after a year of weak performance.
Iger replaces Bob Chapek, who had a short but bumpy tenure as Disney chief after taking over at the start of the 2020 pandemic.
On Monday, Iger took his first steps as CEO by reorganizing Disney’s content distribution structure.
The CEO said in a memo to employees that Kareem Daniel, chairman of Disney’s media and entertainment distribution unit, will leave the company.
As for Disney Media and Entertainment Distribution, Iger notes in a memo to employees that “no doubt elements of DMED will remain, but I fundamentally believe that storytelling is what drives this company, and it belongs at the center of how we organize the businesses our. .”