Former Disney CEO Bob Chapek’s Massive Severance Payout Revealed

Former Disney CEO Bob Chapek’s reign at the top was short – but lucrative. A new report reveals that Chapek received a payout of $24.18 million last year, and was set to “receive a severance package worth more than $20 million.” Those figures will likely spin heads, as Chapek will be seen as getting a major payday for essentially failing at his job. 

 After being appointed as Disney CEO in 2021 (succeeding Bob Iger), Bob Chapek saw his run hit the brick wall of the COVID-19 pandemic. Park shutdowns and the Hollywood productions grinding to a halt left Disney feeling unprecedented levels of financial pain. Socio-political scandals like Florida’s anti-LGBTQ+ laws and Scarlet Johansson’s Black Widow battle over Disney+ streaming rights all were counted as marks against Chapek’s leadership. Despite having his contract renewed for three more years in 2022, Chapek was fired by Disney in late November of 2022, and Iger was brought back from retirement for a two-year term. In a statement at the time, Disney provided the following explanation:

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” said Susan Arnold, chairman of Disney’s board of directors. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”

Chapek’s firing and Iger’s return were so sudden that it was taken as a joke and/or hack at first; the news went out with a press release, with Disney staff as shocked to learn about it as the public and investors were. For his part, Bob Iger came back in with a message of optimism and calm for the company: 

“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said in a statement. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration. I am deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”

With these new reports, it’s clearer than ever that Disney indeed made the decision to oust Chapek based on the deeper fundamental belief that gains under Iger will be worth much more than the losses of Chapek’s massive payout. That’s about as little faith as you can have in a leader…

Source: Variety