Bob Chapek, who was fired as CEO by Disney last fall, received a pay package worth $24.18 million for 2022 and was set to receive a severance package worth more than $20 million after he was let go.
The company’s board on Nov. 20 announced that it was replacing Chapek with former CEO Bob Iger.
The Disney board “determined that Mr. Chapek was no longer the right person to serve in the CEO role” in the months following its renewal of Chapek’s contract in June 2022, according to the company’s proxy filing Tuesday. “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.”
More to come