Bob Chapek may be out at Disney, but he's definitely not down and out. A Tuesday regulatory filing shows he's slated to walk with a severance package worth about $20 million. Insider gives the breakdown: It's $6.5 million in base salary tied to the scheduled end date of his employment agreement, a bonus payment, and nearly $13 million in accelerated stock payments. CNN reports he made $24 million last year—he exited the company in November and was replaced by longtime former CEO Bob Iger—and $32.5 million in 2021. The proxy filing details how the end of Chapek's tenure came to be:
- "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."
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