Former Disney CEO Bob Iger Felt His Pay Was Insufficient, Ousted Successor Claims

Bob Chapek, the former CEO of The Walt Disney Company, claims in his forthcoming memoir that his predecessor, Bob Iger, consistently expressed dissatisfaction with his own compensation, perceiving it as inadequate when measured against other industry leaders. Chapek's book, titled 'Behind the Castle Walls: My Thirty Years at the Happiest Place on Earth,' is set to be released on Tuesday.

According to Chapek, Iger, who is 75, frequently voiced complaints about his pay during his tenure as CEO. Iger's compensation in his final year as CEO was reported to be $45 million. This figure included a $1 million base salary, $21 million in stock awards, $14 million in options, $7.2 million in non-equity incentives, and $2.5 million in other compensation, such as a $568,000 company-funded private jet bill, according to Disney's latest proxy statement.

Chapek, 66, alleges in his memoir that Iger felt his pay was insufficient relative to others in the industry. Specifically, he points to the compensation of former CBS CEO Les Moonves, whose annual earnings neared $70 million in 2016 and 2017, as a point of particular contention for Iger. Unnamed Disney executives reportedly told Puck that Iger took issue with Moonves earning more while managing fewer assets.

Chapek, who succeeded Iger as CEO, was ousted in November 2022. He frames his dismissal as the result of a deliberate sabotage campaign orchestrated by Iger, who subsequently returned to the CEO role. Chapek writes that he "didn't get a chance to finish what I started" and that "it pisses me off."

Disney stated at the time of Chapek's firing that the company "exercised its right to terminate" his contract "without cause" after three decades with the company. However, reports preceding his exit suggested Chapek felt Iger was undermining his leadership during his retirement. Chapek maintains in his book that Iger played an "intentional and preconceived role" in his abrupt departure as CEO.

Chapek's memoir also suggests that some high-ranking individuals in both government and private business believed Iger's initial retirement may have been influenced by his anticipation of the COVID-19 pandemic. Disney has previously denied that the pandemic played a role in Iger's decision to retire.

In his final full year as CEO, Chapek earned $24.2 million in 2022, in addition to a $20.4 million severance package. In 2021, he was paid $32 million, while Iger, then executive chairman, received $46 million before retiring for the first time at the end of that year. Iger is expected to retire again at the end of the current year, after stepping into an advisory role in February.