The Walt Disney Co. paid Bob Iger $2 million a year in consulting fees during the period he was replaced by Chief Executive Officer Bob Chapek, before his shock return to that role on Sunday.
Quarterly payments of $500,000 for as many as five years were for Disney "to have access to Mr. Iger's unique skills, knowledge and experience with regard to the media and entertainment business" following his apparent retirement beginning at the end of 2021, according to a regulatory filing.
Disney also paid security costs for him valued at $745,222 last year, according to the company's most recent proxy statement. The quarterly payment figure was reported earlier by the Financial Times.
Now Iger is CEO again, his fee has been superseded by a new $27 million pay package - a base salary of $1 million, a bonus with a target equaling that amount, and stock awards with a target value of $25 million a year, filings show. Last year, as executive chairman, Iger was paid $45.9 million.
Meanwhile Chapek, who was named CEO in February 2020, received $32.5 million in compensation for fiscal 2021. He will leave the company with exit payments and benefits that could be worth more than $23 million, based on calculations by Bloomberg News earlier this week. He could also collect millions more if the company's share price recovers.