Ousted Disney CEO Bob Chapek will reportedly walk away with at least $23 million
- Bob Chapek was ousted from his role as Disney CEO over the weekend after a bumpy tenure.
- He will be replaced by Bob Iger, who ran the House of Mouse for 15 years.
Bob Chapek, Disney's outgoing CEO, left the top spot at the company over the weekend after less than three years, but he won't be walking away empty handed.
Chapek will likely leave with at least $23.4 million, according to Bloomberg News.
That paycheck includes the remainder of his salary as CEO, which adds up to about $6.5 million, according to Bloomberg. In June, his contract was extended for three years, and he's entitled to his salary, even if removed as CEO.
The remaining $16.9 million comes from the pension that he's amassed during his near 30-year career at Disney, according to Bloomberg. The figure comes from a October 2021 filing and could be even higher today.
None of this accounts for the stock options Chapek has accumulated throughout his career, nor any money he's put into his retirement plan.
Most of his options are currently worth nothing on paper, given Disney's low stock price — it's fallen 36% year-to-date — but could become valuable if the price rises.
Last year, Chapek's nonqualified deferred compensation plan — a retirement plan for the most highly compensated employees — had $8.5 million in it, according to Bloomberg, but that was before the market tanked.
This can all change, depending on the exit deal that Chapek struck with the Disney board.
Chapek will be replaced by Bob Iger, who led the company from 2015 to 2020 and handpicked Chapek as his successor.
Compared to Chapek, Iger is likely an expensive hire. Before his 2020 departure, he was routinely the highest-paid CEO in Hollywood. In 2019, he earned a $3 million salary, plus a $21.8 million bonus. On top of that, he took home $10 million worth of stock awards and $9.6 million worth of stock options.
Disney did not immediately reply to a request for comment, and new financial filings have not yet been released.