Former Disney CEO Bob Chapek made $24 million in fiscal 2022, down from $32 million the previous year, according to the company’s proxy statement released on Tuesday.

Chapek, who left abruptly in November, is entitled to approximately $6.5 million in remaining base salary through the scheduled expiration date of his employment agreement, approximately $1 million in pro-rated target bonus for fiscal 2023, and approximately $12.6 million in accerated restricted stock units — for a total exut payout of approximately $20.4 million.

The entire compensation package for current CEO Bob Iger is $14.9 million, compared to $45.8 million the prior year. Iger resigned as CEO in February 2020 to become executive chairman.

The board explained that since it had recently renewed Chapek’s contract in June, the situation was a little unclear.

“In June 2022, the Board agreed to extend Mr. Chapek’s employment agreement based on Mr. Chapek’s work navigating the Company through the unprecedented challenges of the pandemic and growing the Company’s streaming business. The Board continued to spend significant time discussing the leadership of the Company in the months that followed and determined that Mr. Chapek was no longer the right person to serve in the CEO role. The significant developments and change in the broader macroeconomic environment over this period informed how the Board viewed the appropriate leader in light of the rapidly evolving industry and market dynamics. The Board therefore concluded that, as Disney embarks on an increasingly complex period of industry transformation, Mr. Iger is best situated to lead the Company while an appropriate longer-term successor is identified. On November 20, 2022 (after fiscal 2022), the Board decided to exercise its right to terminate Mr. Chapek’s employment without cause.” That entitles him to above metioned payouts if he “successfully completes all of the terms of his post-employment consulting agreement and does not violate the terms of the employment agreement that survive his termination or the general release.”

The fiscal year of Disney finishes on September 30.

Chapek received a $2.5 million base income, $10.8 million in stock awards, $8.5 million in option awards, and $6.75 million in non-equity incentive plan incentives as part of his remuneration package (like a cash bonus).

Iger received $1.1 million in base pay, $4.6 million in stock awards, $2.4 million in option awards, $4.34 million in non-equity incentive plan compensation, and $2.4 million in “other” compensation.

Proxies details the remuneration of a company’s highest-paid executives. As instance, it stated that CFO Christine McCarthy’s package was worth $20.2 million, General Counsel Horacio Gutierrez’s package was worth $15 million, HR chief Paul Richardson’s package was worth $5 million, and communications director Kristina Schake’s package was worth $6.2 million.

Geoffrey Morell, the former head of corporate affairs who was hired in January 2022 and fired five months later, received a $8.4 million severance payment. He is entitled to $2.5 million in remaining base income through the conclusion of his original employment agreement, $1.5 million comparable to a projected 2022 bonus, and a buyout of the Southern California property he acquired when he accepted the job. Disney stated that the property was purchased on the company’s behalf by a third-party vendor in June 2022 for the same price as it was originally purchased. Disney will proceed through the sale procedure and realize any profits or losses on the property’s sale.

The company, which is preparing for a proxy battle with Trian Partners and its owner, activist investor Nelson Peltz, noted that its annual meeting is scheduled for March as normal, but did not specify a date. Peltz has stated that he will run for a board seat. Disney advises shareholders to vote him down. The activist investor also intends to propose that Disney modify its bylaws, something the business cautions against.

Trian spent the whole week last week attacking Disney stockholders and CNBC viewers. In a statement issued earlier this morning, Disney stated that Peltz’s comments would be completely useless.”In deciding not to recommend Mr. Peltz, the directors considered a number of factors, including that, despite months of engagement, Mr. Peltz had not, and the Trian Group representatives at the meeting had not, actually presented a single strategic idea for Disney, that their assessment of Disney seemed oblivious to the secular change that had been ongoing in the media industry, as well as the impact of the pandemic on the media industry, as well as the impact of the pandemic on the media industry


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