There’s been quite a buzz surrounding The Walt Disney Company recently, and more specifically its CEO, Bob Chapek.
Bob Chapek
At first, it was expected that his contract would be extended, and later the company’s Board of Directors did vote to extend Chapek’s contract by three years — despite some of the public’s outspoken dislike for the CEO. And now, more information has been shared about the details of that contract extension.
According to a report from the United States Securities and Exchange Commission, Walt Disney Company CEO, Bob Chapek, stands to earn “a long-term incentive award having a target value of not less than $20 million annually.” This news comes after the company’s Board of Directors voted to extend Chapek’s contract, which was set to expire in 2023.
Disney CEO Bob Chapek in Disney World on its 50th Anniversary
The SEC filing goes on to state, “These awards do not guarantee Mr. Chapek any minimum amount of compensation. The actual amounts payable to Mr. Chapek in respect of such opportunities will be determined based on the extent to which any performance conditions and/or service conditions applicable to such awards are satisfied and on the value of the Company’s stock.”
©Bloomberg
Essentially, Chapek’s bonus will be based on how well The Walt Disney Company performs annually. The report also indicates that no changes have been made to the CEO’s base salary, and it will remain the same despite the contract renewal.
The current Chairman of the Board, Susan Arnold, has previously voiced the Board’s support for Chapek, stating, “Bob is the right leader at the right time for The Walt Disney Company, and the Board has full confidence in him and his leadership team.”
©Disney || Bob Chapek
We’ll continue to keep an eye out for more news on Bob Chapek and The Walt Disney Company, so be sure to stay tuned to DFB for the latest.
Click Here to Read the REAL Reason You’re Spending MORE in Disney World Now
Interested in learning more about Bob Chapek? Click here to read what he has to say about price increases in the parks. He also commented on Disney’s Park Pass Reservation System, and you can read all about that here.
For more Chapek salary news, read our posts here and here.
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The post NEWS: Disney CEO Bob Chapek to Earn Million Bonus Annually first appeared on the disney food blog.