Disney CEO Bob Iger's pay package is valued at $27 million a year

• Bob Iger, who led Disney for 15 years, was abruptly reinstated as CEO on Sunday.
• He replaces Bob Chapek, who held the position for less than three years.

Bob Iger will earn a $1 million base salary as the reinstated CEO at Disney, according to the company's most recent financial filing.

But depending on how the company performs, he could earn far more.

Additionally, Iger is eligible for an annual, performance-based bonus, with a target bonus of $1 million. Depending on performance, the actual bonus amount could be less than or greater than the $1 million — or zero.

He will also be eligible for Disney's equity-based, long-term incentive plan. For each year Iger serves as CEO, he "will be granted a long-term incentive award having a target value of $25 million," according to the filing. 60% of this incentive will be given in restricted stock units — or RSUs — while the remaining 40% will be in stock options.

This would amount to up to $27 million per year — or even more depending on his annual bonus.

Iger, who led Disney as its CEO for 15 years, was routinely one of Hollywood's top-paid executives. In 2019, his last full year as CEO, Iger earned $47.5 million: $3 million in salary, a $21.8 million bonus, $10 million worth of stock awards, and $9.6 million worth of stock options.

Iger is taking the helm from Bob Chapek, his successor who ran the company for fewer than three years. Chapek could be walking away with at least $23.4 million, according to Bloomberg.

Despite Iger telling The New York Times earlier this year that he would not return to Disney as CEO and the fact that only months ago Disney extended Chapek's contract, the company announced Sunday that Iger would once again be its top executive.

The abrupt leadership change took shape in days, according to a senior executive at the company. Numerous top Disney employees complained about Chapek's leadership, and the company's poor fourth quarter earnings, which caused its stock to fall 13% in just one day, may have been the final straw.

Iger is expected to stay CEO for two years, and finding a successor will be one of his top priorities.