2022-11-25 11:01:44

Bob Iger Got $10M Deal From Disney Last Year For Playing Advisor To Chapek Despite Their Discord - Walt D

Logo Benzinga
By Shivdeep Dhaliwal

Walt Disney Co DIS reportedly gave Bob Iger a $10 million deal to advise former CEO Bob Chapek despite the frosty relationship between the two.

What Happened: Iger, who made his comeback as CEO this week, was granted $2 million a year until the end of 2026 for advice on such matters as his successor as the chief executive officer may request from time to time, reported Financial Times, citing terms disclosed in Disney's corporate filings.

The five-year deal was to give Chapek, who was ousted from his post this week, access to Iger's unique skills, knowledge and experience in relation to media and entertainment businesses, according to the report.

Disney also reportedly agreed to continue paying the security costs for Iger which ran up to $750,000 a year.

Why It Matters: There is no clarity on whether a minimum amount of consultancy advice was required but the contract does include monthly and yearly maximum time commitments, noted FT.

Chapek and Iger's relationship had reportedly declined to such levels that the latter told his friends that his advice was not sought by his successor at key moments.

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