In addition, Iger will receive a long-term bonus of up to $25 million and is eligible for a performance-based bonus equal to annual base salary, Disney said Monday. The 71-year-old, who served as CEO for 15 years before retiring late last year, has agreed to serve as CEO for a further two years, effective immediately. The ailing US entertainment group surprisingly announced at the weekend that the current CEO, Bob Chapek, was being dismissed. Chapek will receive a severance package under his contract, Disney said.
Iger announced plans to restructure the company to put decision-making more in the hands of creative teams, he said in an email to employees seen by Reuters. This will lead to a reorganization of Disney Media & Entertainment Distribution and the departure of its chairman Kareem Daniel. The biggest problem child of the media group is the streaming service Disney +, which can shine with increasing user numbers, but writes high losses.
Disney shares are temporarily down 2.31 percent on the NYSE at $95.33.
Los Angeles (Reuters)
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